Since the Brexit vote there’s been a lot of speculation and a great deal of uncertainty surrounding the UK housing market. Two months on, we look at what has actually occurred since 23rd June and what we can reasonably expect to happen over coming months, with specific focus on the housing market in and around Milton Keynes.
An uplift in August
Whilst there are still fears about the long-term stability of housing, the reality right now is that not much has really changed. Figures for August 2016 showed that house prices actually accelerated during the month. The country’s largest housebuilders have also reported a jump in profits and an increase in visits, reservations and sales over recent weeks.
Buyer confidence has certainly been boosted by the Bank of England’s interest rate cut last month and the Government’s Help to Buy fund. We have rebounded well in the aftermath of Brexit but all eyes are on what the new Government will do to maintain that confidence as we move into 2017.
Milton Keynes is perfectly positioned
Looking at Milton Keynes, its location to London is providing strength in the face of volatility. Experts in the capital’s market have reported a ‘surge in activity’ within the Home Counties. As London becomes increasingly unattainable to many who can’t afford the London prices or who crave more space for their buck, those towns and cities within a 2-hour commute to the capital are faring well. Proximity to good schools and airports is also a good selling point for those looking to buy, sell and rent in Milton Keynes.
However, future stability will come down to supply, demand, sensible pricing and innovation.
Looking to the future
The big housebuilders will need to continue stimulating the economy with good levels of housebuilding, and the government will need to do all it can to support that construction with the necessary infrastructure. The market will need to look at new ways to build faster and more cost effectively, being open to using easy-to-assemble housing solutions as seen in other European countries. Milton Keynes has always led the way in innovation within housing, infrastructure and future-focused technology making it perfectly positioned to forge new solutions and pave new paths for a strong housing market in the future.
As estate agents in Milton Keynes, we feel very excited and privileged to be part of that. Whilst none of us can predict for certain what will happen in the property market over the next couple of years, if we could choose to be anywhere, we’d stay right here in MK.