It is widely reported that due to the increase in government taxes on buy-to-let landlords in April coupled with the uncertainty created by the Brexit vote in June this year, the British housing market is under significant pressure. According to the British Bankers’ Association, the number of homes that were bought in June were down by 10% compared to the corresponding period in 2015. Of course, it is difficult presently to accurately identify any long term trends, but there is a risk that property prices might fall in the near to medium term.
It isn’t all doom and gloom, though. With a weaker pound, property is comparatively cheaper for foreign investors and some conveyancers are expecting to take advantage of the demand from international purchasers.