How Brexit is affecting mortgages & house prices
It probably comes as no surprise that Brexit has been affecting property prices across the country, from your average semi-detached family home to the millionaire mansions like those found in West London.
But how is Brexit affecting mortgages?
Mortgage lenders have been offering better mortgage deals in the hope that they can entice buyers and convince them that Brexit is not the end of the world after all. However, property buyers are not easy to convince at the best of times and rightly so as buying a house will probably be the largest financial commitment you will ever make.
So, do you take advantage of the cheaper house prices now or wait another 6 months to see if they fall even further? That is a very good question. The problem is, the answer is never going to be clear cut.
Whether the Government manages to agree a deal for Brexit or not, the property market has already suffered with house prices flat lining in many regions and slumping in others. Even the low interest rates haven’t persuaded house buyers to take advantage and it is perhaps not that widely known that, the current lending rates are almost the lowest recorded in the history of mortgage lending.
Understandably, buyers don’t want to purchase a property for the value to fall in 6 months and perhaps continue to fall as this may leave them in negative equity. Even if you plan to buy your forever home, a simple change in circumstances like sudden unemployment could be catastrophic to a home owner, especially if the property value has decreased.
Even buyers and investors looking for a short-term property purchase are tending to tread cautiously as economic cycles tend to take longer than 5 years to ride themselves out and they may be left short changed if their property value has fallen.
If you are on the other end of the scale and are trying to sell your property but are struggling, why don’t you give OK Property a call. OK property are able to provide you with a quick sale service where there are no fees payable to solicitors, estate agents or OK Property themselves. They simply offer you an option to sell your property quickly with none of the hassle so you can move on with your life.
The team at OK Property are here to help – perhaps your circumstances have changed and you need to sell your house asap due to a divorce, repossession, redundancy or unemployment. If you are looking to relocate, pay off your current mortgage or clear your debts. Perhaps you or your partner have fallen ill and have to move to a better suited property or you have had experienced house chain problems and are feeling frustrated and let down by the process of the traditional estate agent route.
Contact OK Property today for your no obligation quote on 0800 270 7571.