Will Brexit really make any kind of difference to the mainstream property market here in the UK? That is the question that is on many property investors’ minds right now and that many have come up with their own, albeit inaccurate, answer to. While many are thinking of the worst case scenario outcome of Brexit, industry experts know that the uncertainty surrounding Brexit won’t have as big an impact as we are being led to believe. Will leaving the EU really hurt the UK property investment market? Let’s take a look:
The UK Property Investment Market Before Joining The EU
Long before the UK joined the EU, the main driver of the UK’s property market was a combination of world trade, a good economy and ambition. The British people had money to purchase property with and owning a home was, and still is, a symbol for a positive future for the country. More and more middle class people were obtaining mortgages which led to an increase in new home demand. This also meant that builders began building new homes to meet the demand, creating thousands of new homes rather quickly. And this was all before the UK became a part of the EU.
The UK Property Investment Market After Leaving The EU
While the EU never had much of an impact on the UK property investment market, we don’t foresee any impact after Brexit. British people will still have jobs, the economy might even prosper, creating new jobs and people will still need homes to buy and rent. This creates an even stronger market for the UK property investor because there will still be demand for property.
But there will be one thing that will be significant after Brexit and that is a wide range of de-risked opportunities due to a number of factors within the UK property investment market. Investors will find it easier to purchase investment property and there will be an increased supply of renters looking for property. Some even competing for it in certain areas of the country including London and other urban areas where rental properties are at a premium already.
Look out for our next article looking at what investors need to look out for in an uncertain market
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