Whether you’re a staunch remainer or avid Brexiteer, there’s no denying that the UK’s impending exit from the EU is causing property market jitters. On Tuesday, MPs voted in favour of Theresa May renegotiating the Brexit deal. The prime minister will now attempt to replace the backstop – which would avoid a hard border in Ireland if the UK left without a deal – although the EU has said it is unwilling to reenter negotiations.
The CBI, which represents UK businesses, has said that UK companies will now start stepping up their preparations for a no-deal Brexit. So, what does this mean for house prices and the property market, and what impact has the vote to leave the EU already made? Taking a long look back, house price growth plummeted following the referendum in June 2016; then in September 2018 Bank of England governor Mark Carney warned that a no-deal Brexit could send house prices tumbling by a third.
Here, we analyse market activity before and since the Brexit referendum and give you the insider’s guide to what experts from the estate agency, building, mortgage and buy-to-let sectors think will happen over the coming months.