The only thing we have to fear post-Brexit is fear itself

(Last Updated On: August 17, 2016)

The only thing we have to fear post-Brexit is fear itself

According to reports, residential property prices in the United Kingdom fell by 0.9% in July compared to June, despite a rise in property sales.

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Last month saw an increase of new buyers entering the market contributing to a 6.5% month-on-month rise in the volume of property transactions. To surge comes as homebuyers and investors alike no longer felt the need to delay transactions due to the uncertainty of whether the UK will ‘remain’ or ‘leave’ the European Union.

However, despite the overall rise in property sales, research from one of the UK’s largest independent estate agents – haart – shows that property princes in the UK fell by 0.9%, sitting at an average £233,254.

CEO of haart Paul Smith said: “Despite last month’s political turmoil, it seems buyers aren’t being deterred by the noise. We’ve actually seen a bounce in transactions in July, with a lot of buyers pressing ahead with their purchase now that the referendum is over. Prices have dropped slightly by 0.9% across the UK and have fallen 5.6% in London, showing that sellers are cutting deals to bypass the uncertainty in the wider economy, and plucky buyers are taking advantage Nevertheless, prices in London and across the UK both remain significantly higher than they were at the same time last year.”

Although there continues to be some uncertainty in the property market, the announcement of a cut in interest rates will see cheap mortgage rates fall even further “it won’t be long before the market bounces back,” Smith said, adding “The desire for people to own their own home or move up the ladder is as strong as ever, and we have every reason to be confident about the property market’s long-term prospects. The only thing we have to fear post-Brexit is fear itself.”

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Written by: The Team | On: August 10, 2016

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