The Brexit D Day is edging closer …and certain 2019 movers, racked with uncertainty because of the Brexit affect on house prices, are it seems opting to pass on a move right now and consider going for a home extension instead.
Wherever you stand on Brexit, there’s no denying that the UK’s impending exit from the EU is causing property market jitters. This has led to enquiries from families who want us to investigate and advise on the home extension potential of their property and in doing so, the word BREXIT often comes into the conversation as to why their enquiry is being made.
It’s all uncertainty …uncertainty …uncertainty…right now for sure. In its most recent monthly survey, the RICS has suggested that there was an unprecedented dominance in the property commentary of surveyors around the one single key issue of Brexit.
The CBI, which represents UK businesses, has for their part said that UK companies will now start stepping up their preparations for a no-deal Brexit and Bank of England governor, Mark Carney has warned that a no-deal Brexit could send house prices tumbling by a third.
This whole situation makes moving a less and less desirable choice as BREXIT hurtles towards some kind of confused unsatisfactory climax. Uncertainty created by the Brexit process is causing buyers and sellers to sit tight in increasing numbers say ‘Which’. Read more here, https://www.which.co.uk/news/2019/01/what-will-brexit-mean-for-house-prices/ ?
The housing market may somehow keep moving on, but it will do so somewhat erratically and slowly. Potential buyers might struggle to get the new mortgage they need, owing to the strict lending criteria after BREXIT. More potential movers, if they can, as the confusion builds may for the time being at least switch if they can to renovation or a home extension instead of relocating at this time.
opt to move
Yes, an extension will cost money for sure, but you will know the price you will pay for the extension, which is not going to be the case if you opt to move and try and sell your home.
Also, before you say, the house you buy will cost you less as prices fall, – well true, but your home is likely to sell for less as well don’t forget. In short, the market will continue to tread water suggests many experts like Andrew Burrell, of Capital Economics
A home extension or renovation, of course, can add real value to your property. You may be able to very much ‘cash in’ this extra value most effectively in a year or two. Extend for now, and at least you have saved your moving expenses AND have use of the extra space you need. For sure this does the lesser of two evils in these testing BREXIT times and the safer approach to go for if you possibly can.
To end on… the talk out there is that this kind of situation may last a while, and most commentators in the know are predicting relatively little change in house prices in 2019. They are set to remain somewhat paused and stagnant’… and that’s BREXIT effect it seems!
Mint can help you get the extension you want most for your home to help beat the Brexit menace. Refurbishment, improvement and extension – Mint offers a full development and finishing service to add value to your home and we’ll help with any questions or concerns you have.
Whatever your need request your ‘Extend Instead’ review or quotation to improve, refurbish or extend your home . Contact Mint Builders on 01242 279739 or email firstname.lastname@example.org