Brexit has been one of the most divisive topic of British politics in recent history but after over two years of debate and negotiation, no one seems to be the wiser as to how things will unfold over the coming months.
Brexit brings a huge number of unknowns on many levels, and although properties are not traded with other European countries, property prices are looked at as one of the key indicators for growth and economic well-being of the UK.
What could be the consequences:
- Recession followed by a property crash (or at least a house prices drop)
- The pound could drop in value against the Euro and cause high inflation.
- Change in interest rates to address the economical issues.
Obviously no one has a crystal ball and the possible outcomes are numerous and unpredictable at the time of writing.
Nonetheless there are a few very important points to look at:
- This is not the first crisis the country has gone through, it won’t be the last.
- Whatever happens will bring challenges but also opportunities.
This is true of this situation and will most likely apply to the end of the next cycle. Also we have had two years of effect, in a way the country has been bracing itself for the “crash” for a long time. This might dampen whatever happens.
So, rather than being worried, we think it is more a matter of awareness. Once you understand the risks, it is a matter of mitigating those. If you understand the potential opportunities, it is a matter of being ready for them. Ultimately, doing nothing is the only wrong decision, doing the right thing within the current economical context is what we should aim for…
If you’d like to discuss this further, reach out to us and we’ll look at how we can help!