With Chancellor George Osborne announcing that a vote for Brexit could lower house prices by 20%, you can see why many people across the country, including Greater Manchester and Stockport, would think that this would be a positive thing. After all, countless people across the country and the local area are keen to enter the property market but find themselves unable to do so because of the high prices of many areas. Osborne is supposed to be campaigning on behalf of the Remain side but his comments may have turned many people towards the side of voting Leave.
Of course, perhaps knowing that he has made a bit of a gaffe with respect to his comments, Osborne followed this remark by stating that the cost of obtaining a mortgage would rise. While lower house prices would be welcomed by many people looking to get on the property ladder, if the cost of obtaining the mortgage required to buy the home rose, many people would wonder if there was any benefit at all. Then again, some people will focus on the first part of Osborne’s statement while ignoring his second half, believing it to be a cover-up for the first remark.
It is hard to predict how the vote will turn out
We are a mere day away from the polls opening for the EU referendum, there is no way that anyone can predict the outcome or predict what would happen to the UK property market if the nation decided to vote to leave the EU. You may not think that Stockport is too much of a hub for European traffic but when you think about the volume of business travellers and commuters in and out of Manchester Airport, and the number of people who benefit from foreign investment in the Greater Manchester area, you can see why this is a topic that many Stockport residents have an interest in.
At Spencer Harvey, we aren’t going to claim that we have all the answers relating to what happens to the Stockport property market if Britain leaves the EU. However, we do have considerable experience in the local property market, being there for people during the peaks and troughs over recent years. If you need any advice or guidance about the UK property market and want to make sure that you are fully informed about what is going on in the market, come and see us.
There will be many people who will be happy to see the back of the campaigning process but as soon as the votes have been calculated and the result announce, we’ll enter another phase. Depending on the outcome, there may be increased uncertainty for Stockport property owners but we are on hand to help you move forward in the most effective and appropriate manner.
*Image courtesy of www.express.co.uk
For all your property needs, please contact Spencer Harvey Estate and Letting Agents on:
0161 480 8888
https://www.spencerharvey.co.uk