Brexit and the North West property market

The most controversial word on everyone’s lips at the moment has to be Brexit. It has dominated our news feeds for more than three years, it causes arguments between friends, fills our social media feeds and of course is a factor to consider for many people when making business or life decisions. 

Whether you’re a steadfast Remainer or passionate Brexiteer, you can’t deny that the ambiguity about the UK’s future relationship with the EU is enough to cause anxiety about Britain’s property market.

But how has it specifically affected the Northern property market? We may be removed from the bubble of London, but the future of our bricks and mortar can still be determined by the goings-on in the capital. 

The strength of the North West property market

Obviously, Harvey Homes is pretty confident about strength of the market ‘up north’ – otherwise we wouldn’t have started our amazing project in Lower Peover or be so excited about the other developments we have coming up in the region. 

But why are we so optimistic? Well, we’ve done our research and have found that the evidence is showing areas that can offer a traditional English lifestyle with nearby facilities like post offices are remaining resilient to Brexit. 



Further to this, according to the UK House Price Index (HPI) which was published by the ONS in June 2019, the property market in the North West is the second strongest in the country, with house prices increasing 2.6% in the year to April 2019.

Sam Mitchell, Chief Executive Officer of HouseSimple has stated that: “The strength of regional property markets in the north, buoyed by strong first-time buyer and investor numbers, is an encouraging sign that the performance of the UK’s housing market is not determined by what’s happening within the M25.” 

Confident words indeed!

The strength of the industry is a very positive thing as it demonstrates that the region is able to maintain its property market, even in the face of potential adversity. It also shows that, now more than ever, it is important to purchase a house that is built to last and is in a good position so that it will retain its value.

The strength of new build property

Another reason we are so confident in our homes is that, generally speaking, new property stock across the UK remains in short supply. This has allowed the new build property market to buck the Brexit trend and stay strong due to high-demand. 

Stewart Baseley, the executive chairman of the Home Builders Federation, has said: “Unlike the wider housing market, where transactions have dropped considerably from the historical norm, the new-build market has remained relatively strong in recent months.”

A factor in this might be that people commonly buy new build properties for long-term reasons rather than for short-term gains. The design of all Harvey Homes properties reflects this as they are built to cater for families as they grow and develop. For example, rooms that may be used as playrooms at the beginning can easily be transformed into private studies or sumptuous dining rooms in the future. Buying homes that will be able to accommodate your household for many years to come is a perfect way of securing stability – both for your finances and your family. 

The long-term buying plan of new-build buyers also serves them well as its likely that even if they do encounter a slight drop in house prices in the short-term, the chances are that by the time they sell, the market will have most likely have corrected itself.

Summary

It is understandable that the uncertainty of Brexit has caused people to worry about the UK’s property market and has stalled their buying plans, but we think that if people buy smart then they will have no reason for concern. 

New build houses in the North West that have strong local amenities and the ability to be flexible in meeting a family’s changing needs seem to be the best bet by far! 

Are you interested in finding one of these marvellous houses for yourself? Check out our homes in Cheshire and find out how you can beat Brexit.