Brexit property UK: ‘Demand to remain strong’ in 2021 claims expert despite uncertainty

Many Britons were concerned about whether Brexit could have an impact on the UK housing market going into 2021. The UK officially left the EU on December 31 after months of negotiations. The deal was made just a week before the end of the Brexit transition period.

However, it seems despite previous concerns surrounding the impact Brexit could have on the property market, one expert has said he believes demand will remain “strong”.

Paresh Raja, CEO of Market Financial Solutions exclusively spoke to about how Brexit will affect demand for property in the UK.

Mr Raja said: “In times of volatility and uncertainty, people tend to gravitate towards assets that are not only positioned to deliver returns, but can also provide some kind of security.

“Property effectively ticks both these boxes – it is a tangible asset that has historically been able to recover quickly from disruptive periods.

READ MORE: Mortgage warning: Lenders to face delays as stamp duty rules change

Mr Raja added that even during the coronavirus pandemic, house prices surged and demand remained strong.

Now, the property expert believes demand for property will remain “strong” as the country “comes to terms with Brexit”.

“Over the years, the UK has been able to effectively establish itself as a leading destination for investment into bricks and mortar,” he explained.

“This partly has to do with the diverse range of opportunities on offer, from buy-to-let investments to new-build constructions.

“A weak pound makes it comparatively cheaper for certain buyers, and with significant changes to stamp duty for overseas buyers coming into force in April, we could see a flurry of activity over the coming months.”

Today, the pound soared to its highest point in three years against the dollar.

The pound was also up by 0.5 percent against the euro.

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