Search
1st April 2020
Buying, selling and letting post-Brexit
Following Brexit, January and February saw a noticeable upturn in sales and general interest. With new-found assurance, buyers were acting with confidence, whilst sellers were also feeling ready to put their properties on the market.
The lettings market also had a steady start this year. Following Brexit, we saw a growing number of people decide to let their properties in Brighton and Hove. Furthermore, the quality of these houses and flats continues to be of a good standard. So whether you’re a landlord hoping to let or a tenant looking to rent, we’re in a great position to help.
House prices before and after the Brexit vote
Source: https://www.ons.gov.uk/economy/inflationandpriceindices
The coronavirus and the housing market
However, with many people having to self-isolate in light of the Coronavirus (COVID-19), we’ve seen fewer valuations and viewings. Following government guidance - and with the safety of the public and our staff in mind - we’re now working remotely. However, we are still available on the same number if you’d like to get in touch.
Importantly, measures have been taken to combat the outbreak’s economic effect.
The Bank of England cuts its base rate
In light of COVID-19, the Bank of England cut the base rate twice in March. It now sits at 0.1%, which is the lowest rate since the Bank of England was established in 1694.
This doesn’t necessarily mean that mortgage rates will drop. These are already at near-historic lows, especially on deals where homeowners have fixed their rates.. However, borrowers that are on a tracker rate will see an immediate benefit. What’s more, there are still some great mortgage deals available for home purchase, remortgage and buy-to-let.
There was also some good news for domestic buyers following the budget.
What the budget means for buyers
It was announced in the budget that non-UK resident buyers will have to pay an additional two per cent stamp duty. Because of the falling pound, UK housing had previously been more affordable to overseas buyers. However, domestic buyers have been contending with stagnant wage growth and ultra-low interest rates. Essentially, they were fighting a losing battle with prices and their ability to save. However, this extra two per cent should help level the playing field. This will take effect from April 2021. Furthermore, the Chancellor said the money raised from this tax will be used to fund 6,000 new homes for homeless people.
All in all, there are still plenty of reasons to feel optimistic about the property market in 2020. Whether you’re a buyer, seller, landlord or tenant, our friendly team is still here to help.
