Since the result of the referendum was announced in June, there has been widespread confusion about the implications of the result. For pro-Brexit campaigners, the question of whether Article 50 will actually be triggered has been prominent. For those opposed to the result, anger and fear have remained constant.
Despite the fact that the separation is yet to happen, it has been a turbulent few months for the British economy; the pound has plummeted to a 30 year low and numerous multinational corporations have voiced their uncertainty over their future in Britain.
But what about our property market? The rising prices of property since the financial crash in 2008 had shown no sign of slowing, and the demand for rental properties had kept rental prices on the up. But what about now? Well, the most recent Rental Index data from HomeLet shows that rental prices have slowed down since June.
Rental prices actually experienced their slowest rate of growth of 2016 in September. The average price agreed across the country per month was £910, down 0.8% on the previous month. Rental values are up by 3% on last year, but the trend between Brexit and the slowing growth rate isn’t a coincidence.
In the capital, the average rent in September was £1,555, down 0.4% on last month but up 3% on the previous year.
The same can be said for house price growth; amid uncertainty over Brexit negotiations house price growth will be subdued, with a slowing in the number of new houses built, property group JLL has forecast.
Britain is certainly experiencing a period of instability at the moment, and only time will tell how much of a long term impact this has.
