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House sales predicted to slow after Brexit

Sep 08, 2016
The HomeOwners Alliance is predicting a slowdown in the housing market following the Brexit vote.

The organisation exists to restore trust in home ownership, lobby for policies and industry practices to get a better deal for homeowners and provide advice and services.  

Paula Higgins, CEO of HomeOwners Alliance said that in times of uncertainty, people will likely put off major decisions such as moving house. Recent polls have said that 41% of those who voted to remain now feel anxious about the looming Brexit. “As we know periods of anxiety/uncertainty are typically periods when people do not make big decisions such as buying a home or moving,” she said.  “The number of house sales fell ahead of the referendum and this trend will likely continue in the near future as people wait to see what will happen. That said, people will always need to move for personal reasons, regardless of Brexit or other turmoil, so the market won’t grind to a standstill, but it will slow down, at least in the short-term.”  

Paula also commented that the uncertainty created by the Brexit vote is: “… bad news for financial markets and will probably impact on interest rates longer term, so mortgage holders will want to watch this space.” 

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