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#Brexit , is the word of the day, week, month or the year ? Nothing else matters for now and who else could be more nervous than a home owner in Britain. No one knows for sure what set of events will follow after June 23rd.
According to the Treasury, prices would fall by 8% if we leave the EU. If we don’t, they’ll rise by 10% (this is over the next two years). On the other hand, ratings agency Fitch reckons prices could fall by 25% if we exit the EU. Here is the catch though, It is not all bad for every one! What if you are on the other side of divide who has hoped to own a house for years but cannot do it for the highest ever prices ? No matter what side you are on, one thing we can all agree to is the housing market is broken and completely dysfunctional.
But what about the pricing ?
Latest Royal Institution of Chartered Surveyors (Rics) survey, figures for April 2016 show that inquiries have been sliding. worse figures since 2008. This could be for lot of reasons, let alone #Brexit. Could be partly to do with buy-to-let tax changes. But the matter of fact is, prices have become out of reach more most. If one cannot afford it they need not to waste time on inquiries, viewings and checking prices any way.
According to an estimate, house prices are at least 40% higher than their real value and it cannot go on forever.
This article appeared as concept appeared in moneyweek. You can read more about the story here at : Are Uk prices about to crash ?house prices