Please upgrade your browser for the best Refinery29 experience. Read more.

Saved! Access Favorites in your account profile. Removed from my favorites

This Could Be The Silver Lining Of Brexit

comments
Illustration by Elliot Salazar.
We may have lost the right to live and work in 27 other countries, but if there's one good thing to come out of the Brexit debacle for young people in the UK, it's that we may be more likely to be able to afford a property if we get a move on.

House price rises slowed to a three-year low in the three months leading up to July, according to a survey by the The Royal Institution of Chartered Surveyors (Rics).

The number of agreed sales and buyer enquiries also fell, as consumers were uncertain about how the EU referendum would affect the value of their property.

According to the survey, there was the fastest drop in the number of properties sold since the 2008 financial crisis, The Independent reported.

Furthermore, the number of surveyors reporting an increase in residential property prices dropped to its lowest in three years, the BBC reported.

This means just 5% more of those surveyed reported a rise in prices rather than a fall – compared to 15% in June.

Prices fell in London, East Anglia, the north of England and the West Midlands in the wake of the country's vote to leave, according to the survey.

However, the bad news is that this house price slowdown may only be short-lived.

Most surveyors expected prices to be higher and to be overseeing more housing sales in a year's time, the survey suggested.

Why? Because there simply aren't enough properties for sale in Britain, The Guardian reported.

But this growth probably won't be as high as it was in 2015 or at the start of 2016, when prices were increasing by up to 10% each year, the BBC reported.

The surveyors predicted prices will rise by 4% each year in London over the next five years, and 3% across the rest of the UK, The Independent reported.

So while housing prices won't necessarily go down, it's at least thought that they won't continue to rise as scarily fast as they have been in recent years. With the number of homeowners in England having hit a 30-year low recently, this is what we call "good news" in Brexit Britain.
SHARE
TWEET
EMAIL