As the UK waits with baited breath for the results of the ongoing Brexit negotiations, the continuing uncertainty is having far-reaching effects on the UK housing market.
New research released by online property giants Rightmove this week states that house prices have fallen this month for the first time in September since 2010, indicating that the Brexit effect is starting to take hold.
Traditionally, the UK experiences an “autumn bounce” each year in which we usually experience an upturn in housing market activity with rises in house prices recorded each year for the past eight years, however this year it appears that people are waiting to see what happens with Brexit before they make their move.
According to Rightmove, the average price of newly listed homes has dropped 0.2% in September, and the number of new homes coming onto the market was down 7.8% this month compared to a year ago. The number of sales agreed is down 5.5% across all regions. This is even worse in London, where the number of new properties coming onto the market is down 20%.
This could spell good news for first-time buyers struggling to get a foot on the housing ladder as falling prices will make homes more affordable, however this still won’t fix Britain’s broken housing market.
While nobody can forecast exactly how Brexit will continue to affect house prices in the UK, it is imperative that the country does not lose focus on the other issues affecting the housing market – particularly the supply and demand crisis and the lack of suitable land being identified for residential development across the country.
At Intro Crowd, we’re working to increase the number of land sites being identified for development by giving qualified investors the opportunity to collectively fund the purchase of strategic land across the country via our bespoke online platform.
The sites that we bring to our platform are greenfield in nature meaning they have no prior history of development and will have typically been used for agricultural or leisure purposes. They are typically located close to, or within, an existing settlement and will usually have good road access as well as access to local amenities including shops, schools, public transport and medical care.
Once fully funded on our platform, our experienced planning team will take the sites through the planning process and if consent is granted, will aim to sell them on to a house builder for residential development.
For more information about anything mentioned in the article above, or to learn more about Intro Crowd and what we do, please do not hesitate to contact us via telephone on +44 (0)20 7118 4040 or via email at email@example.com
This article is for educational purposes only and does not constitute investment advice. This article does not amount to an invitation or inducement to buy or sell an investment nor does it solicit any such offer or invitation in any jurisdiction.
In all cases, readers should conduct their own investigation and analysis of the data in the article. Readers are strongly encouraged to seek independent legal and financial advice when considering an investment in strategic land. All statements of opinion and/or belief contained in this article and all views expressed and all projections, forecasts or statements relating to expectations regarding future events represent Intro Crowd’s own assessment and interpretation of information available as at the date of this article.
No responsibility or liability is accepted by Intro Crowd for reliance on the contents of this article.