'It's difficult to say whether the uncertainty of Brexit has had any major impact on the property market. It is certainly a factor which affects confidence. In terms of house prices these have stalled since 2016, but not to the extent that they have started to go backwards. The Office for National Statistics (ONS) data, records UK house prices were up 8.17% in the year ending June 2016. A year later they had only risen 4.13%, and in the year ending June 2018 the figure stood at 3.03%. In May of this year the annual increase was 1.2% There is a different picture when one looks at activity within the market. RICS July 2019: UK Residential Market Survey recorded ‘… it seems there is little prospect of a sustained rise in supply coming onto the market in the immediate future’. This follows a string of eleven consecutive monthly declines in fresh listings. The likelihood of a ‘no deal’ Brexit together with the Boris Johnson’s proclamation of a September budget announcement on stamp duty cuts, is unlikely to see any immediate improvement to this situation.

So, what advice would I give to buyers. This is difficult when even our politicians and the Governor of the Bank of England struggle to make accurate forecasts. If I was purchasing a high value property, I would consider waiting for the Budget to see what cuts if any are made to thresholds of stamp duty. These could make a significant difference. For first time buyers, subject to what I say below about possible job losses, this is the time to strike. Interest rates remain low, and may be reduced even further, and with low increases in price, it should be cheaper to get on to the property market. With suppressed activity, conveyancing, removal and other fees associated with moving should remain competitive. As to what will happen if we fall out of the EU without a deal nobody really knows, though I predict this could have a major impact on prices and activity, especially if as is forecast a recession follows pretty quickly. The consequential loss of jobs could I suspect dampen the enthusiasm of some first-time buyers. So, in short the weather forecast for the property market remains I am afraid very unsettled’.

David Pett, Director at MJP Conveyancing Limited.