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World

Brexit doubt and summer lull hit UK property

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World

Brexit doubt and summer lull hit UK property

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COMING UP:Brexit doubt and summer lull hit UK property

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00:00:01
>> Brexit worries and a sleepy summer lull taking their toll on the UK property market. Estate agents across Britain recording a drop in sales. The price of homes in England and Wales falling by 1.4% in August versus July according to Right Move. The Reuters UK Correspondent, Costas Pitas, says Britain's decision to leave the EU is not solely responsible.
00:00:24
>> The factor that makes it difficult to assess how much is Brexit and how much is what is also going on in the house market is stamp duty. A change came into effect in April which essentially made it more expensive to buy second homes and buy-to-let properties. In residential property, it does seem to vary depending on the part of the country and the company that you speak to.
00:00:46
So those most exposed to London, for example, Foxton's, the estate agent, have been hit quite hard it seems, or they're saying that Brexit has hit them quite hard.>> The strength of the post-referendum hangover is still unclear. The Bank of England has cut interest rates to soften the impact.
00:01:02
That should make mortgages cheaper. Data also suggests that British consumers are taking Brexit in their stride. Even so, many economists fear drawn out Brexit talks and uncertainty over the UK's trading relationships could prompt a recession.>> Well, it's an interesting story. Obviously the Sunday Times citing sources that say it could take longer than we originally thought for us to leave the European Union.
00:01:25
That might make you think twice. But it also might make you think that this is a good time to buy. That the uncertainty will allow you to get a better bargain.>> As autumn draws in, house hunters traditionally back in action. Property companies will be hoping that after so much uncertainty, buyers interests will still turn into action.