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Nov 26 2018

Has Brexit broken the property market?

Usually in our articles we pick up on a contemporary subject in the world of property. As much as we all would like otherwise, it has to be the B word this week.

At the time of writing we still have Theresa May as prime minister, but this is not a guarantee if 48 letters arrive somewhere or other (the number of letters needed to trigger a vote of no confidence). The DUP are flexing their muscles by abstaining on the Finance Bill (the budget); many express support for a 'Peoples Vote' on the final 'agreement' whilst Jeremy Corbyn doesn't think that this is the time for it. And with all this happening, the Lib Dems seem to have gone missing!

There are so many possibilities going forward that even a chess Grandmaster would be scratching their head, wondering what the next move should be.

Unfortunately, markets hate uncertainty. This is reflected by the FTSE 100 about 10% down from its 2018 peak and now we come to the property market. The press is now reporting statistics demonstrating the Brexit impact with London and the South-East faring worst across the UK. Why? Well there simply aren't many industries or services that aren't directly impacted by our relationship with Europe, and anyone whose livelihood is affected by such a link is simply not willing to make a committed buying (or selling) decision until our countries' direction and future trading relationship becomes clear.

In my opinion, it is a shame that we as the voting public willed this predictable mess into reality and I hope our parliamentarians stop 'politicking' and do what is best for this country and future generations.

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