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Home / Business / The British take surprise before Brexit house to buy spree | Money

The British take surprise before Brexit house to buy spree | Money



British home hunters have launched a surprising August bargain before the planned Brexit date, with new data showing that sales reached their highest point since 2015 in the usually sleepy summer period.

The number of agreed sales increased by 6.1% year on year in the month of August 10, according to the real estate website Rightmove, which claims to track nine out of ten home purchases in the UK.

House prices in the UK have been rising steadily since April 201

2, according to the Office for National Statistics, but the rate of growth has collapsed since the Brexit vote in June 2016, from an annual interest rate of 8.2% to just 0.9% in June 2019.

London and the South of England have recorded price declines in recent months and housing market economists have highlighted the effect of Brexit uncertainty as buyers hold on for political chaos to subside before making long-term decisions.

However, Miles Shipside, director of Rightmove, said that the latest figures suggest buyers now want to complete deals ahead of the latest Brexit deadline in late October.

"Although another Brexit deadline is now nothing new to potential buyers, this may seem more clear, and therefore one to strike, with the government of the one who & # 39; does or dies & # 39;" he.

"While the end of October Brexit outcome is still uncertain, several buyers are now aiming to make a deal, while some may have hesitated earlier this year."

Historically low mortgage rates, amid fierce competition between lenders registering new borrowers has contributed to the incentive to push through purchases in short order, he added.

"It is only so long that buyers and sellers can delay family, financial and emotional forces that drive the need for to move, and with the average time between agreeing a sale and moving in for more than three months, we are now entering the last chance salon for those who will have completed their move by the end of the year, "Shipside said. [19659007] "We often see autumn activity bounce, but perhaps this year's political activities have led to a summer wave as buyers have become bolder and earlier than usual. "

Glynis Frew, CEO of Real Estate Hunters, said that the volume of home sales was also driven by sellers who were keen to get deals done.

"Many suppliers at this moment seem happy to demand slightly lower price quotes if it means they can get the deal out of the door as quickly as possible in light of the ongoing Brexit uncertainty," she said.

The increase in sales volume was felt in all parts of the country, but was most pronounced in the north-east and east of England, and Yorkshire & the Humber, with an increase of over 10%.

The average price of properties that came on the market in the month of August 10 fell by £ 3,192 compared to the previous month, to £ 305,500. This represented a decline of 1%, but prices remained 1.2% higher than the same month last year.


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