Buyers & sellers must brace themselves for more uncertainty

That Article 50 would be triggered early in the New Year seemed definite, but the high court ruling that parliament – and not the prime minister by use of prerogative powers – would need to trigger Article 50 to start the UK’s exit from the European Union – has put an end to even that one certainty.

Property pundit and buying agent Henry Pryor commented: “Markets hate uncertainty so this will result in more people putting their moves on hold whilst they await clarity – something that is unlikely to come in the short term…Turnover and prices are sure to come under pressure.”

Recent research from Nationwide, the UK’s largest building society, revealed that house price growth came to a standstill in October, suggesting the housing market may have gone off the boil, and fuelling concerns that developers may be less willing to build much-needed homes. These latest figures, showed that after 15 successive months of increase, prices did not move during the month, once seasonal factors were taken into account.

Without seasonal adjustments, the average price of a UK home dropped by £111 to £205,904. The annual rate of price growth dropped to 4.6% – its lowest level since January.

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