WeBuyAnyHome.com CEO Elliot Castle, a renowned property expert, has stated that since the June 23rd referendum result, the word ‘uncertainty’ has been echoed everywhere.
While the property industry has been affected by the recent economic and political instability and change, it has effectively transformed into a profitable mortgage market for buyers as opposed to sellers.
Mr Castle said that the change was attributable to trends he had witnessed. They include investors across the globe being less inclined to favour UK properties, people finding it more challenging to save for a deposit, mortgages becoming easier to acquire, and the public being reluctant to easily make large financial decisions. He pointed out that the number of mortgages has increased since the referendum.
The Bank of England reduced interest rates in August 2016, making mortgages easier for first-time buyers to afford, so Mr Castle recommended that anyone who currently had a mortgage attempt to seek a better deal by remortgaging.
Mr Castle also said that buyers and sellers are being more careful as they wait to see which direction the housing and mortgage market will take. Their decision to wait in favour of seeing how the economy develops over the next two to three years has been difficult for the housing market, particularly in London.
He explained that London and its suburbs enjoyed a flourishing property market for years thanks to both national and international investors pouring money into housing development. The result was a major competition that allowed sellers to reap greater profits. Now these investors are unsure about whether their money is secure in the capital and this has deterred overall investment not only in London but throughout the UK.