The Effect of Brexit

A little over two weeks since the referendum and there is a lot of uncertainty in the property market. Shares in the house builders dropped significantly as the markets have anticipated a house price correction and there is chance interest rates may be reduced to help easy the fears.

For the mortgage lenders it is currently business as usual and some have already reduced their fixed rates in line with the swap rate reductions in recent days. I think it will be some time before we see the full effects of the referendum but life goes on, people still have to move, and I don't anticipate long term issues with house prices.

Both buy to let, and residential, mortgage rates are at all time lows and could still reduce further. Who would have thought ten years ago that you would be able to get a two fixed rate for under 2%!

Share prices have already bounced back and I think after the normal summer holiday slowdown in the housing market it will be business as usual with some very cheap mortgage rates available.

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