Property News All The Latest Updates
Hi guys welcome to yet another property news edition – our second of the month (where has the time gone?!), as usual we will be taking a look at the latest goings-on in the domestic property market from looking at the Brexit and how it might affect Manchester property to punishing landlords will not fix the current housing crisis. Missed our last property news round-up? If so, catch up here.
Brexit: How Will It Affect Manchester’s Property Market?
So what would happen if the leave voters got their way?
George Osborne recently mentioned that there will be up to a 25 per cent drop in house prices as well as the added effect of an increase in mortgages.
What would happen to Manchester? HouseSimple‘s CEO Alex Gosling told MEN that : “If you believed everything you read, a Brexit could see property prices in Manchester plummet as economic uncertainty hits demand and increases mortgage costs.”
He also mentions in the article that the impact of the EU vote on property prices is definitely being felt at the moment, with a lot of uncertainties from both buyers and sellers.
Despite the politics involved, Manchester still has a strong demand, whether we leave or stay, any drop in prices may be a short-term dip he explains.
Savills also mentioned about the uncertainties in their referendum report, however, the global real estate provider hopes that whatever the outcome is on Friday morning, the property market will be buoyant and that there will be light at the end of the tunnel.
In contrast, chief Economist for Countrywide Estate Agents, Fionnuala Earley, who is feeling less optimistic about a possible Brexit mentioned in MEN : “If the vote is to leave, most economists believe that this will hit economic growth and that sterling will fall and that would hit the North West housing markets too”.