After the Brexit vote, most people in the UK are thinking what the decision will do to affect the property market in the country. If you are looking to buy or to sell a home in Chelmsford, will you be affected by the Brexit movements? Most experts are predicting that property prices across the country, but not in London, will fall by around 10 percent – therefore you could expect the prices in Chelmsford to do the same.
The average price of a property in Chelmsford is £305,500, so that would mean that the value of the average property would be falling by £30,550. This seems like quite a substantial figure, and many people are concerned about these predictions. But is it as bad as it seems?
Pay Attention to the Details
If experts are saying that property prices are set to be 10 percent lower after Brexit than they would have been if the UK had voted to stay in the EU, that means that you also have to take into account the natural rise in property prices that happens without reference to Brexit. For example, in the year before property prices for Houses for sale in Chelmsford went up by nearly 15 percent. The prices have been rising at least 9 percent year on year. So if the UK had voted to remain, the prices would probably have gone up by 12 or 13 percent anyway. Therefore, there will still be a two percent rise in prices even figuring in Brexit.
Will There Be A Property Crash?
Not necessarily. Because a two percent rise in property prices is still a rise. And in Chelmsford, where the price of property has been skyrocketing, it is also possible to see that a smaller rise in prices could be a benefit.
Chelmsford House Prices Bounce Back
According to http://www.beresfords.co.uk, the market in Chelmsford has always been extremely resilient and there have been many moments in the past when the property market has dipped, only to recover again quickly.
Chelmsford has a lot going for it, and there are many reasons why people will continue to want to live in the town. Brexit may have caused uncertainty but there are many reasons to think that the property market will bear out the changes. If you are looking to move home in Chelmsford it is a good idea to get some professional advice and look at the picture in greater detail. With any major national changes, the property market will always be affected but that does not mean the damage will be significant or long-lasting.