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Brexit not all doom and gloom, says Homeowners Alliance

Written By:
Guest Author
Posted:
July 7, 2016
Updated:
July 7, 2016

Guest Author:
Fiona Nicolson

Predictions of drastic house price falls or a repeat of the 2007 financial crisis could be unfounded, says Katherine Binns, research director at the HomeOwners Alliance.

Following recent house price indices showing a rise in property prices in June, Binns has reviewed house price predictions post Brexit.
She said: “House prices continue to climb due to the lack of supply, coupled with no significant change to demand, ahead of the referendum.
“This is not good news for affordability as house prices have steamed ahead of wage increases – but the future may be brighter. Before the referendum vote, there were already signs of fewer house sales in April and May compared to the previous year.
“In this period of Brexit uncertainty, the upward pressure on house prices will still be there due to low interest rates and restricted supply.  House prices are less likely to be affected by Brexit than they were by the 2007 financial crisis.”