West-East Midlands and Scottish Properties Proceed To Grow

In a matter of days, the UK will separate from the EU. The reports by RICS claim that a no-deal condition may cause a delay, but people will buy and sell the property as the unpredictability resolves. Many buyers seek opportunities in the declining markets, and some wait for the markets to settle.

The Scottish property market grew by £400 million from 2017 to £18 billion in 2018 in terms of sales, where the last year was one of the best growth years since the 2008 crash.

The emerging trends also represent growth in property in Wales and Northern Ireland, where the y-o-y increase in property is by more than 5 per cent, but the growth in property in South East and London has contrary trends. 

What if No-Deal?

There are expectations of a no-deal exit, but experts expect the deal to be passed with some alterations. The managing director at Halifax remains confident about the real estate markets, even in a no-deal condition.

The Bank of England governor had warned of a drop in price by 30 per cent in the condition of a no-deal; in contrast, analysts foresee an increase in price by 1.5 per cent if the deal is made nationally and over 0.5 per cent growth in six months in London, if the agreements are made. 

The house price growth is expected to range from 2 to 4 per cent annually by 2019, but the experts claim it is unlikely that the market may crash as predicted by the BoE governor. 

The UK home price may undergo moderate corrections if it leaves the EU without a deal. The leading housing market surveyors claim - in the event of a no-deal, the prices may drop by 1 per cent, whereas the highest correction of 3 per cent can be seen in the capital city in 6 months, since March 29. 

The Scottish homeowners expect the prices to decline post-Brexit with no deal, and 3 per cent expect the prices to grow in the next few months. 

The West and East Midlands Host the Quickest Selling Towns in England

The latest reports by Rightmove claim the towns in East and West Midlands host the quickest selling cities where the property in Worcestershire can be sold in 45 days, on average. As per the research, Runcorn has the fastest moving property in the UK.

The highest rates of the fast-moving property were found in the North West towns - Lancaster, Burnley, Widnes, Morecambe, and Oldham, where it takes, on average, 14 days to sell homes. 

Occupancy Rate and Shortage 

Amidst shortage, analysts believe there is a sufficient supply of secondary homes for the growing demand. In addition, several under-occupied and vacant houses can be used to meet future demand. 

The estimates show the market is set to increase by 2 million to 30.7 million from 2020 to 2030, where 35 per cent of dwellings are occupied by older people and 61 per cent by a single owner. Stronger and more appropriate policies can help regulate the need for accessible resources. 

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