Dunstable housing market stable post-Brexit and despite all predictions today the Bank of England held interest rates.
So far fears over the housing market in the UK post-Brexit are shown to be misplaced. Economic uncertainty has hung over Britain since it voted to leave the EU, however Dunstable-based developers and estate agents I have spoken to are remaining confident of the future.
Speaking to local Estate Agents I have been told that they have seen “more activity” in the market since the referendum and they insist homeowners need not fear a collapse in the housing market following Brexit.
While it’s fair to say there was a lull in activity prior to the referendum, not everybody was sitting on the fence. There is always a market; the main issue is whether sellers will accept where the market price is at that time. This naturally depends on their individual circumstances and desire to sell.
In March this year I had reported that figures showed that property prices in Dunstable had risen by just over 7% during the previous 6 months and this was no surprise to those who keep an eye on the local housing market. In April I pointed out that a number of properties had reduced in price straight after the new stamp duty rules on 2nd owned properties came into force and in some subsequent articles I had noted that house price rises had levelled in this area. Recent figures show that over the last 3 months house prices have risen by 0.1% not surprising with the uncertainty surrounding Brexit.
It would seem that now it is business as usual. Houses are selling, tenants are renting, shares have recovered and the value of sterling has steadied and started to recover slowly. Today despite all the economists declaring that the Bank of England would reduce interest rates by 0.25% or even 0.5% they were held at the current rate by a vote of 8-1.
Dunstable and its surrounding villages are still a great place to live and as noted in my previous articles the area is very popular with the London owners and renters looking for somewhere more affordable. We might not see the growth we have seen over the last year and indeed house prices might level off, but with the ever increasing demand for rental properties and the very low interest achievable on savings with the possibility these rates could reduce further, property continues to be seen as a sensible investment but only if you have carried out your research and taken the advice of your local property experts.
It remains too soon to judge the effect that the result of the EU Referendum will have on the housing market as negotiating an exit from the European Union could be a long and complex process and it is difficult today to predict how and over what timetable this process will evolve.
Daniel Bourke is the owner of Belvoir Lettings Dunstable and in his previous career in Architecture he was an Associate in a leading London Architectural practice