There is a 29% chance of the London housing market undergoing a “significant” correction before the end of next year in the event of a no-deal Brexit, Reuters has reported.
This was the median rating given by around 30 housing market specialists regularly consulted by the news agency.
One of the experts said there was a 75% chance of a crash in London.
The Reuters poll found that its experts are predicting a 1.6% fall in prices this year and just a 0.1% fall next.
But in the event of a disorderly Brexit and its effect on prices, responses ranged from ‘short-term fall’ to ‘damaging’ and ‘disaster’.
Comments (6)
I think there are bigger problems in the economy than Brexit. Brexit is just the cherry on top at the wrong time. High stock market is just uber wealthy parking money in a low interest rate environment. Low unemployment is positive, but wage growth is lacking and has been massively outgunned by asset inflation. Private debt is at an all time high and interest rates are gently beginning to move. I’m not convinced this has crash written on it, but it suggests we’ve still got a ****** hard time ahead of us.
Any chance they are just made up numbers? I’ve seen a lot of numbers regarding the property market thrown around over the last 20 years and pretty much none of them turned out to be true.
We were also told our economy would crash the day after the Brexit result. 5000 homeless is a tiny fraction, some months UK unemployment falls by 10,000 in a single month.
Sorry everyone but so many people are taking a view on Brexit using their heart rather than their head. We are all in for a very nasty shock next year when Brexit hits the fan. Mind you it will be very good news for future homebuyers as prices will be much lower in 3 years.
Oh yes – how much have London property prices gone up over the years
Mark Carney, George Osborne and Barack Obama all said our economy would go to pot if we voted for Brexit – okay it hasn’t fully happened yet- but the stock market is at an all-time high, employment is the best been for many many years and property prices are relatively stable.
Stop moaning.
Did you know that homeless people are not counted in most unemployment polls and papers? Factor in the homeless (34% more than in 2010) and you wonder if things are really so strong and stable…
As for the article posted, you are right, too soon to panic on a monster scale – the prices have risen over the years – still not brilliant news though. We will see what happens over the coming months.