Whilst Article 50 is clearly a huge event for the UK as a whole that may have some as yet unknown ramifications, the current trends in the housing market certainly seem to suggest that buyers and sellers have very different concerns that are all much closer to home.
Following the referendum result in 2016, many had expected a crash that simply didn’t materialise. Low levels of supply and continued high levels of demand ensured that property values remained high and in fact increased in many locations over the remainder of 2016.
So far in 2017, those imbalances have continued and show little to no signs of changing now that Article 50 has been triggered and our exit from the EU is a certainty. Low mortgage rates, strong levels of long-term confidence in house prices and the fact home ownership remains a key aspiration for the British public will keep demand high.
Low levels of new build starts and a tendency so far for landlords to keep hold of their portfolios, despite the Government’s continued attacks on the sector, are keeping supply levels suppressed.