The effect of the recent Brexit vote created concerns of possible negative impacts with the property market. However, with some sellers changing their asking prices so as to secure sales, a lot of buyers found out that this is actually a good time to get on the property ladder, invest in buy-to-let, trade-up, or even expand their portfolio.
In addition to that, mortgage rates remarkably decreased, making purchases easier to achieve.
This basically means there are a lot of good deals available for buyers, although the Bank of England kept its interest rates at 0.5% this week, many experts say that the interest rates may still be lowered later this year.
Doubts over the impact of Brexit, may it be positive or negative,could actually work in the purchaser’s favour as it could provide opportunities to acquire a property at a new price.
While some prices have slowed or are holding off purchases, first time property buyers who are brave enough to take the leap of faith, may see this as a chance to climb onto the property ladder. Low borrowing costs will definitely benefit all potential home buyers, especially first timers.
The London property market has strong fundamentals, and as with any investment, people should always have to weigh up all the pros and cons before acting up.