However, the uncertainty about what is going to happen next creates opportunity and it creates problems. With respect to what will happen post-Brexit, there have been positive and negative predictions. The Bank of England released a statement saying that a No Deal Brexit would lead to significant house prices over a three-year period.
There are various opinions on what will happen to property market post-Brexit
Then again, there have been industry specialists pointing out factors like increased demand for property and demand continuing to outstrip supply as reasons to believe the market will hold and perhaps even solidify post-Brexit.
The fact that there is a wide range of outcomes which could occur means some people believe it is now better to make a move. Even though there is uncertainty now, if people think the market conditions for themselves are going to weaken post-Brexit, now could be the ideal time to make a move.
Timing is crucial in property market
Say for one moment that the Bank of England predictions proved correct and house prices fall. If you wait until after Brexit to sell your home, you will receive less money for doing so. When you then go to move home, you will pay a smaller price for the property, so you may not be too negatively affected in the grand scheme of things. However, a lot of people take pride in property price and valuations, so they may not want to lose too much on their home when they sell.
There is also the issue of negative equity for some people to consider.
Of course, if you decide to sell now and you conclude the deal before a No Deal Brexit occurred, you could receive a price that looks fantastic if the market then collapses months later. With fortunate timing, there will be some people and households who make a sizable profit by selling when the market is higher and buying when prices are lower.
Some of these people will be lucky whereas some people will reason that this is a potential outcome and will develop a strategy aimed at achieving this outcome. If you believe that hose prices are going to fall with Brexit, it may be that selling now makes sense.
There is still a demand for property and if you present your property in the right way, you can achieve a decent price. This is always going to be the case but the full impact of Brexit on the market is extremely difficult to judge.
At Austin Property Services, we know people have concerns about what will happen to the property market post-Brexit. Many people do. However, while there are no guarantees in life, if you face an inconvenient situation, it is best to call on the support of a professional who has dealt with difficult times before.
We have worked through various challenges in the property market, and we are still here to tell the tale. If you want to ensure you receive the best standard of support, from experts in the local area, rely on Austin Property Services.