Posted: 6th September 2019
Should You Wait To Buy A Home After Brexit?
Whether you were a leaver or wished to remain in the EU, one thing is certain… Brexit has created so much uncertainty across the country and no one really knows what is going to happen next. With the UK set to leave the European Union at the end of October 2019, potential buyers are all asking the same question: should I wait and buy a new build home after Brexit?
With this in mind, Granville, residential property developers, explain the benefits and drawbacks of waiting to buy from a new build development after Brexit.
The sensationalism of a market meltdown is great for headlines. However, what they fail to mention is that there’s no evidence that a price crash is imminent. Despite the ups and downs of Brexit, the house prices are continuing to rise; albeit more slowly than in previous years.
According to RICS, overall house prices are likely to hold steady this year, although London and the South East may see a small drop in price. As a result, it’s highly unlikely to see a crash in the housing market, which means there’s no better time to buy than now!
Mortgage Rates Will Increase
Currently, mortgage rates are attractively priced at around 2%. However, there are signs that mortgage rates are set to increase upon the Brexit deadline; resulting in many buyers pre-Brexit choosing between flexibility (two-year fixed rates) or security (five to ten-year fixed rates).
While this can set off alarm bells, cheap mortgage rates shouldn’t be the reason to rush out and buy a house; especially if you have a small deposit. Instead, it may be beneficial to wait until after Brexit, so you know exactly what you can afford and plan accordingly.
Strong and Stable Investments
The truth is, nobody knows what will happen when the 31st of October finally arrives. But what you can be sure of, is that each house built by Granville Developments will provide the necessary security and stability you need after Brexit.
Granville, provide high quality new housing developments in Essex and Suffolk. All luxury new builds come with exceptionally high standards of design, construction and craftsmanship to ensure you enjoy your new home in a prime location.
If you would like more information about any upcoming developments, please contact the Granville sales team today on 01376 574599.