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NEWS >> Why UK's property pricing is on the rise despite Brexit?
Why UK's property pricing is on the rise despite Brexit?
 
Despite the Brexit, the latest housing index shows that the housing prices were up by 0.3% in November month resulting in 6% increase in the average pricing for the current year and that changed the pricing face of UK property market. Moreover, if we consider the last three months including November, the prices were increased by 0.8% comparing to its previous three months and that led the average pricing of a home to up around £220,000.

According to Halifax housing economist, this gradual rise in price has decreased the house demands resulting in a slowdown of processing of house price inflation. Although, the growth in housing price raise can decrease in the coming year as the property list will help to make a difference in the price levels. But, the expectations of price falling in the UK housing market have come to its lowest point and 55% of the people still thinking that the price would raise in the coming months.

However, the crowdfunding’s director still believes that the housing market price rise have no relation with Brexit and the data that shows a change in price from last few months is because of the low borrowing rate, he also explains that the property market depends on the economic conditions of the country. He added, with the recent surveys and study, the price rise will continue until the economic conditions could stabilize; if a normal person thinks about it, then it is more likely related with Brexit as the economic conditions have worsened despite the Brexit effect.

One interesting thing that benefited buyers and sellers is the null rise in interest rate and this helped in increasing the demand for growing numbers of property. But, the things may change when the Article 50 will be implemented in the coming year as it explains the negotiations in terms of the ‘UK’s property’ from the European Union. And it would hit the current properties that are at auction or in the bid. Eventually, it is just a period of ‘wait and see’ - how the things will come into effect.

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