Brexit – How it could affect the Property Market
The result of last month’s referendum surprised many people, both in the UK and overseas, and whilst it raises questions about the direction in which Britain is headed, Searches UK considers the affects to the property market and how this may affect solicitors, conveyancers and homebuyers.
There is speculation about what will happen next, be it negative or positive, and although the pound has dropped, overseas investors appear primed to take advantage of this position meaning solicitors and conveyancers could be kept busy by these buyers.
The value of properties across Britain have notoriously been on the rise but now first time buyers may have a unique opportunity to buy their desired property at a slightly reduced price if the property market experiences a temporary decrease in value, particularly if the hints from the Bank of England to keep or even lower interest rates come to bear.
During these transitional periods, when homebuyers are unsure about what the best course of action is, it is wise to add one of Searches UK’s reimbursement schemes to your search order. Buyer Protect is a scheme which covers initial costs paid out by the homebuyer, up to the value of £2,050, in case their property transaction fails to complete. Search Protect is similar but only covers the cost of searches up to the value of £300.
Andrew Stenning, Managing Director, at Searches UK said:
“Change always brings uncertainty and we are living through a transitional period in British history. We have yet to see and experience the full effects of Brexit but Searches UK can and will continue to offer invaluable searches to our clients including such products as Buyer Protect. Our team are always on hand to assist with any queries and our ordering processes are simple and hassle free to enable our clients to get on with other, more important tasks.”
Searches UK is a leading conveyancing search provider across England and Wales, providing both residential and commercial searches. Full details about their searches can be found by visiting www.searchesuk.co.uk.