UK Property Market Steadies
UK Property Market Steadies. 5 of the UK’s largest property services companies are dropping the Brexit clauses from valuation reports. Therefore, this is a good indicator that the UK property market is beginning to steady after the impact referendum vote to exit from the European Union. Valuation reports included ‘Brexit clauses’ post the EU referendum. The report would state that there was a reduced probability, that a valuers’ opinions of the worth of a UK property would exactly coincide with the price of its potential sale price fetched. Robert Gray, head of Fund Valuations at Knight Frank said, “We feel now there’s enough certainty in most sectors for us to withdraw that clause from all of our valuation reporting,”
More Positive News: Property Asking Prices begin to Rise
Further indication of a more steadied UK property market as prices recover in the first two weeks of September; asking prices rose 0.7% the first two weeks of September. This is compared with a 2 percent aggregated loss in the previous 2 months. The Average house price has risen 4 percent year on year, said a recent report by Rightmove PLC. There has been downward pressure on property prices at the top end of the market; which was apparent pre-Brexit. Now units showing the most growth are smaller units. Becuase this is usually an area which is typically a first time buyer stronghold. Average two bed units have climbed a substantial 10.5 percent since last year. This has been in part, stemmed from the Bank of England’s Interest rate cut from 0.5% to 0.25%; Thereofre creating a tide of credit-fueled purchases property included. “The market continues to shake off the effect of post-Brexit vote uncertainty, though more so in the lower end sector” Shipside of Rigtmove said.
