Does Brexit mean now is the best time to sell your home? Expert reveals future of market
BREXIT has left Britons hanging on while they wait for a decision to be made. For many, this means holding off to see what will happen before buying or selling a property. Speaking to Express.co.uk, a finance and property expert revealed exactly what will happen to the property market and why this could be a good time to sell.
When it comes to Brexit, people across the country have been patiently waiting to find out exactly what is happening and what this will mean for them. If hoping to buy or sell a house, it could be tempting to hold off until a final decision is made, but an expert gave an insight into exactly what will happen to the property market. Speaking to Express.co.uk, Paresh Raja, CEO of Market Financial Solutions, explained what is likely to happen to house prices in the near future. With further delays on a decision over Brexit, house prices are set to rise but this does not necessarily mean buyers should hold off.
Although property prices will increase, those hoping to buy or sell a home may not have to hold off.
Paresh told Express.co.uk: “Although the market is proving resilient – prices continue to rise across much of the country, albeit at a slower rate, many potential buyers and sellers have adopted a 'wait and see' approach regarding Brexit and its impact on house prices.”
Despite many Britons taking a cautious approach, it is not necessarily a bad time to buy a property, according to Paresh.
“While caution is advisable, it’s worth bearing in mind that now is not necessarily a bad time to buy property given low interest rates,” he explained.
“The Bank of England has warned of interest rate rises over the next two years, which means that, if you’re planning a property purchase, this summer might prove a good time to secure finances for a property purchase.
“What's more, there's speculation that house prices will rise steadily once Brexit has passed and activity picks up again, offering the opportunity for capital growth.”
While caution is advisable, it’s worth bearing in mind that now is not necessarily a bad time to buy property given low interest rates.