The agreement on a Brexit trade deal between the UK and EU brings a long period of uncertainty to a very welcome end! How will this impact the property market and what does it mean for your property?
The UK will continue to have a close relationship with the European Union, which is good news! However with COVID at the forefront of people’s minds and multiple lockdowns in the UK it’s put the brakes on the economy. Rents have tumbled and it’s only for the stamp duty holiday that sales prices have remained steady.
If you are looking for your next buy-to-let property and are looking to purchase in London you could be looking at 10-15% discounts on new builds in the East and North West of the city, with many empty completed units sitting on developers books.
In Manchester, you could easily ask for a £5,000-£10,000 discount off the list price or ask for a furniture pack or stamp duty contribution – in some cases you could negotiate both!
If you are looking to sell a property, we suggest staying put and waiting until 2022/2023.
As always, we are here for you so please don’t hesitate to contact the team at the Vesper Group today with any questions.
