Pandemic chaos means Brexit troubles will hurt less
Brexit won’t destabilise the housing market as much was feared before the pandemic, said Kush Rawal, director of residential investment at Metropolitan Thames Valley Housing.
While it will have some impact, he felt the impact of covid-19 will dwarf the impact of leaving the EU.
Kush Rawal, director of Residential Investment at Metropolitan Thames Valley Housing, said: “There has been a lot of disruption this year, so I think it is unlikely that Brexit will destabilise the property market in ways that we thought may happen before coronavirus hit.
“As we hopefully emerge from the pandemic to a sense of normality next year, I think buyers will likely want to just get on with their move as enough has been put on pause this year – and a home provides a sense of stability, which we are all craving.”
He added: “The property boom we saw in the second half of the year post the initial lockdown was no doubt partly triggered by buyers who may have been holding off moving until after Brexit, but were encouraged by the stamp duty exemptions.
“Whilst 2020 on paper should have been a difficult year for the housing industry, we have ridden the wave which puts us in a good position ahead of Brexit.”
Rawal was speaking after SO Resi, the housing association’s shared ownership brand, saw enquiries rise by 88% year-on-year in November.
He said: “We anticipate an increased demand for shared ownership next year as the Help to Buy scheme changes, with stringent price caps and exclusivity to first-time buyers.
“For many buyers, shared ownership will become a more realistic avenue for purchasing their first home – or perhaps more so for buyers who would like to get back onto the property ladder.”