The confidence of buyers in the market of real estate in the UK returned to their values before the referendum. The September data from the National Association of real Estate Agencies show that the demand for real estate in September climbed 16%. The average number of registered potential buyers for one office increased from 287 in August to 333 in September.
Meanwhile, the number of transactions continues to fall. The number of first-time buyers a house, fell in September by 5% compared to August. But the main concern of market participants is the fact that the government intends to curtail its program of assistance to young buyers “help to buy”, according to which a 20% down payment when the mortgage loan is paid by the government on concessional terms. The main transaction in the market was part of this company. In the future, if the program “help to buy” is closed, we can see a significant decrease in the number of young buyers became owners.
The number of potential objects for each office decreased slightly from 41 in August to 40 in September. However, the supply of new homes on the market of real estate of England is at a high level, starting from April 2016.
Thus, the market of real estate of great Britain is quite confident in spite of Brexit. The exception is the market of elite real estate of London, where demand is falling since last year in connection with the introduction of high rates of Stamp duty. However, here Brexit has played a positive role, as the depreciation of the pound sterling against key currencies stimulates the interest of Prime London property from Asian and South-Eastern investors who prefer to keep savings in dollars.
® Helen Entree. 21.10.2016 G.
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