Positive Property News for the Isle of Wight Post-Brexit
19 July 2016
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With conflicting and speculative reports of what will happen now we’ve opted out of the EU, you could be forgiven for thinking that there were few positives for the property market. However, look behind the negative headlines and column inches, and you might just be surprised...
“We all know that bad news sells newspapers, so naturally the press has been full of scare stories about the fall of the pound and the prime Central London property market taking a hit,” our Managing Director, David Lench, says. “But, here on the Isle of Wight, the reality is very different.”
According to predictions from the Royal Institution of Chartered Surveyors, the county’s properties will avoid a dip in prices. Instead any drop in the market is believed to affect areas north of Kent, specifically London and East Anglia.
Combine this with the Bank of England confirming that the 0.5% interest rate will remain and it’s clear that there’s a strong confidence in our post-Brexit economy. Add to this lenders continuing to grant low rate mortgages, just as they were before the referendum, and regardless of what you may have read - it actually couldn’t be a better time to buy!
“A number of key lenders have reaffirmed their desire and appetite to continue lending on residential mortgages, bolstered by the Bank of England’s decision to provide some £150 billion of support,” David continues. Several lenders have actually started reducing mortgage rates still further, with more set to follow. “Right now, a 5 year fixed deal is coming in at under 2%, while some lenders are offering free valuations or free legals for re-mortgages.”
Of course, there is uncertainty about what will happen to the property market - and the economy - over the coming years but as our MD points out, throughout history, property has always held its own regardless of the challenges it’s been faced with.
“People will always need to move house, and at the end of the day, there simply aren’t enough new properties being built to meet that demand,” he says. “The message from us here at Pittis is that as far as the property market is concerned, it is very much business as usual – Brexit or no Brexit!”