When it comes to Brexit, people across the country have been patiently waiting to find out exactly what is happening and what this will mean for them. If hoping to buy or sell a house, it could be tempting to hold off until a final decision is made, but an expert gave an insight into exactly what will happen to the property market. Speaking to Express.co.uk, Paresh Raja, CEO of Market Financial Solutions, explained what is likely to happen to house prices in the near future. With further delays on a decision over Brexit, house prices are set to rise but this does not necessarily mean buyers should hold off.
Although property prices will increase, those hoping to buy or sell a home may not have to hold off.
Paresh told Express.co.uk: “Although the market is proving resilient – prices continue to rise across much of the country, albeit at a slower rate, many potential buyers and sellers have adopted a ‘wait and see’ approach regarding Brexit and its impact on house prices.”
Despite many Britons taking a cautious approach, it is not necessarily a bad time to buy a property, according to Paresh.
“While caution is advisable, it’s worth bearing in mind that now is not necessarily a bad time to buy property given low interest rates,” he explained.
“The Bank of England has warned of interest rate rises over the next two years, which means that, if you’re planning a property purchase, this summer might prove a good time to secure finances for a property purchase.
“What’s more, there’s speculation that house prices will rise steadily once Brexit has passed and activity picks up again, offering the opportunity for capital growth.”
Although no one knows what the outcome of Brexit will be, a look back at other referendums could give an indication of what will happen to the housing market.
Paresh told Express.co.uk: “We cannot forget the resilience of property as well.
“Immediately following the EU referendum, some commentators were quick to warn of a doom and gloom scenario; a time of plummeting house prices and dwindling demand for real estate.
“Looking back, we can now say this was unfounded. Property has instead demonstrated once more why it is a resilient asset able to withstand periods of uncertainty and change.”
As a result, the changing property market could mean it is a good time to buy and sell a property, however checking with an expert is advised before making a decision.
For those who are looking to sell their home, they will hope to get the best possible price for their property.
Renovating a property could add up to 10.8 per cent in value, meaning sellers could get thousands of pounds more for their home.
Converting the loft will add the most value but can cost up to £50,000 to complete.
A three-bed home in Mexborough, Doncaster was recently listed for just £20,000.
Although the property is cheap, those making an offer will only get ownership of 25 per cent of the house.