Brexit and the housing market
Rightmove visits up 5% to record levels - so is Brexit really affecting the housing market?
The typical gloomy statements from some industry organisations have suggested the market is in trouble thanks to the uncertainty around Brexit, but Rightmove says that visits to its portal in the first fortnight of 2019 are five per cent up on last year. On average there have been 4.5 million visits per day, suggesting that the market is active.
Sean Johnston from Philip Martin reports a positive start to the New Year. “We’ve experienced a busy start to 2019 with the majority of buyers and sellers determined to ‘get on with it’ rather than wait for Brexit to blow over. We still need to be pro-active in matching buyers to our properties but we are focused and committed to our clients. We always aim to build long-term relationships with buyers and sellers which through hard work and tenacity, can produce successful results, even more so when there is market uncertainty.”
Rightmove insists that the number of properties coming to market in the first two weeks in the year are broadly the same as a year ago with slight regional variations. “Rightmove visits are up by five per cent on 2018 and at record levels for this time of year, it is encouraging that potential home-movers are searching in huge numbers” says Miles Shipside of Rightmove.
“It is still a very good time to buy property. Mortgage rates are still at historically low levels and lenders are competing hard to lend. There is also a track record of home movers ignoring the politics and continuing to satisfy their housing needs, and as long as these fundamentals remain in place the market will keep moving”.