Is Freehold the Next Great Scandal?

Not so long ago buying a freehold property was the safest of safe investments. Unlike leaseholds, freeholds weren’t traditionally subject to ground rents. Nor could buyers expect to pay service charges, excessive permission fees or the small fortune required to extend a lease.

In short, buying a freehold meant your own little slice of Britain, with which you could do more or less as you liked. 

Not anymore. According to a raft of recent media coverage, purchasers of new-build freeholds are becoming subject to the same punitive conditions as leaseholders, as some developers sneak restrictive covenants into ownership terms. 

As many as 1 million UK freeholders are shackled to contracts insisting the owner is liable to pay services and permissions charges. And this figure is only growing. Since 2015, 178,768 rentcharges have been registered with the Land Registry, with 29,968 of them logged in 2019.

Most of these covenants are obligations to pay for the upkeep of shared roads, green spaces, and communal areas. However, there have been instances of freeholders being charged for the privilege of being ‘permitted’ to build a garden shed or make improvements to their own property.

Worse still, there have even been a few cases where freeholders have discovered an obligation to pay an administration fee for selling their home.

The problem is not just that these fees are often arbitrary and unreasonable, they’re also potentially crippling. The fees for estate services can run to thousands of pounds and make it incredibly difficult to sell the property, leaving buyers trapped in essentially worthless homes.

In much the same way as Chancel repair liability, freehold charges have the potential to inflict misery and debt on thousands of people. The only difference is that one is a hangover from the reformation and the other has recently been concocted by unscrupulous developers.

How has this happened?

Christened ‘the new PPI’ by some MPs, the move towards inserting service and permission charges into freehold contracts is actually an unwanted consequence of attempts to get tough on leasehold charges. The last few years have seen a tightening of the rules around leasehold and attempts to protect leaseholders from exploitative landlords.

Obviously, this is welcome; leasehold has needed wholesale reform for decades. However, an unintended consequence is that in denying developers the extra source of revenue rentcharges provide, it’s pushed some developers to start getting creative with freehold law to compensate. 

Estate rentcharges and variable rentcharges are permissible under the Rentcharges Act 1977. So for now, at least, it’s completely legal for developers to subsidise the money lost to leasehold abolition by creating freehold properties with rentcharges attached – even if this does make a mockery of the whole concept of freehold property. 

Of course, this has no long-term future. Were this extractive and, frankly, crooked trend to continue, new-build freeholds would cease to be a worthwhile investment for anyone and we’d quickly see demand for them dry-up, plunging the country even deeper into its affordable homes crisis.

With all that said, action to stop developers skimming more off the top of freehold property sales has been moving at a glacial pace. A cross-party group of 30 MPs had drawn up a bill to tackle the issue, with proposals to force developers to build estates on areas that could be adopted by local authorities and the regulation of service charges. But this bill was stalled by the prorogation of parliament earlier this year and has shown no sign of returning. 

Alongside the aborted bill, there is also a House of Commons paper briefing from August 2019 which sets out plans to reform freehold within a year but, like the cross-party bill, it’s difficult to see when this will happen amid the chaos of Brexit. 

With the regulatory route closed, at least temporarily, is there any way around the issue? Well, some within the industry have suggested that homebuyers need to learn to see benefitting from shared spaces and facilities as an ongoing expense attached to a property, and budget accordingly.

While this looks like a commendable idea on the face of it – after all, we really could do with a little more community spirit in our society – you only need dig a little deeper to hit problems. Fostering a more public-spirited approach to property is a noble aim, however, the money extracted in rentcharges doesn’t usually go into a community fund and saved for a rainy day or the next time the communal garden needs sprucing up. Instead, it goes straight into the pockets of developers who do little or nothing to justify that money.

And this is before you even consider things like permission fees for selling the property. It’s hard to see how adding an extra few thousand pounds onto the cost of moving home can ever be a public good.

So it’s clear the answer doesn’t lie with changing the perspectives of buyers. In the short term, conveyancers need to be making clear to buyers their obligations and the likely costs involved in the future should they move into a new-build property. 

In the medium-to-long-term, we need government action and firmer regulation to stop what amounts to penalising first-time buyers.

Although labelling it ‘the new PPI’ might be pushing it a little, there’s no doubt rentcharges strain the credibility of freehold property. Buying a property outright, only to discover that many of things homeowners usually take for granted come with extra fees is not what freehold was intended for. We can only hope that with the self-styled ‘party of property’ in power, things may be about to change. 


What Can Conveyancers Expect in 2020?

It’s that time of year. The days grow short, a new decade creeps ever closer, and everything you read online seems to be a series of lists looking forward to the year ahead or back to the year just passed.

In that noble tradition, we’ve put together a few predictions for what you can expect from 2020.

  1. An End to Uncertainty

With Boris Johnson’s resounding victory in the December election, the deadlock is broken. Whatever you think of the result, it’s now become considerably easier to predict where the UK will be in 2 months’ time. Whether it’s through a no-deal exit or Boris Johnson’s flimsily- constructed package, we will be leaving the EU on the 31st January 2020.

Of course, the economic impact of this remains difficult to predict but barring a full-blown recession it may at least begin to rebuild confidence among homebuyers. As we’ve covered throughout the year, the spectre of Brexit and a potential election have, at least partially, contributed to a slow 6 months with many people reluctant to move.

With one of those events now a virtual certainty and the other in the past, we should begin to see confidence in the market pick up again. Although, it’s worth noting things might remain slow throughout January as potential movers wait to see how Brexit falls.

  1. 5AMLD

We covered The Fifth Anti-Money Laundering Directive (5AMLD) in a recent blog, so for a more in-depth piece on the subject please head over here. However, with little time left until the 10th January adoption date, it’s worth recapping on what it is.

The 5AMLD is a series of tweaks to the broader fourth directive issued back in 2017, covering digital currency, transactions from high-risk countries, and access to payment account registers among other things. It represents a continuation of the trend towards legislators prioritising anti-money laundering efforts, so for conveyancers outside of the big London firms, there isn’t much new in it.

That said, it does up the stakes for failing to meet your AML obligations, meaning it’s more important than ever to make sure every transaction is accompanied by an AML check throughout the year ahead.

  1. Stamp Duty Overhaul

For the moment, this one remains a bit of a hypothetical. Prior to becoming leader of the Conservative Party, one of Boris Johnson’s key promises was to overhaul the existing stamp duty land tax (SDLT). Johnson pledged to redraw the current SDLT threshold by scrapping the tax on properties worth less than £500,000.

However, since becoming leader Johnson has been decidedly lukewarm and noncommittal on the subject, but could we see it revived once Brexit is resolved? It would certainly work as a gimme to many of the voters that brought the Tories power in the recent election.

One group certain to be affected by a Tory majority is foreign investors. The party’s manifesto included a commitment to raise the SDLT surcharge on foreign investors by 3%, following the 1% increase made last year. The manifesto pledge claims this will add £120 million to government coffers over 5 the years of Johnson’s term.

  1. A Bamboo Invasion

No, you’ve haven’t read that wrong; we’re really going to talk about bamboo.

Everybody’s aware of the damage Japanese knotweed can do to the structure of a building. In fact, one of the most high-profile cases this year came in the spring when a homeowner was awarded £50k after a chartered surveyor failed to spot Japanese knotweed prior to the purchase of a £1.2 million London flat.

But there’s a new threat on the horizon. Bamboo. Like Japanese knotweed, Bamboo is also highly invasive and can wreak the same havoc on a property if left unchecked. Some species of ‘running’ bamboo can grow up to 30ft below the ground, causing all manner of subsidence problems.

Unlike its Japanese cousin, it isn’t yet illegal to cause or allow bamboo plants to spread in the wild. Yet, it can pose exactly the same risks to property as knotweed and is increasingly becoming the source of bitter boundary disputes between neighbours. It might not have the same bad reputation as knotweed, but expect to hear a lot more about Pandas’ favourite snack in the next year.

  1. A New Year Surge

Although some industry figures, ourselves included, are predicting a slow start to 2020 as buyers wait to see what happens on the 31st January, others are predicting a post-Christmas surge.

According to research from Rightmove, five of the six busiest days of 2019 were in January and February. 13th January, 21st January, 27th January, 2nd February, and the 12th February were some of the busiest days last year and some in the industry are expecting more of the same.
These figures should probably be taken with a healthy pinch of salt, the political and economic landscape in January 2020 should be very different from this time last year. It seems unlikely the pending exit from the EU won’t cause a temporary slowdown in house sales as buyers act with caution but, admittedly, it’s a nice thought.

  1. Housing at the Top of the Political Agenda

We are in the middle of a housing crisis. Brexit may have temporarily obscured it but, after the NHS, housing remains one of the issues most important to the electorate. Perhaps as a result, the Tory manifesto contained several key pledges on housing, including:

  • A promise to build 1 million new homes by 2025 (although, the eagle-eyed among you may have spotted that this equates to 200,000 per year, a decrease on the current target of 300,000)
  • A new market in long-term fixed-rate mortgages, requiring only 5% deposits, to try and help more first-time buyers onto the ladder
  • A new ‘First Home’ scheme, allowing first-time buyers to purchase at a 30% discount

Whether these will be enough to make anything more than a dent in the UK’s housing problem remains to be seen. Nevertheless, as the distraction of Brexit finally subsides expect housing to come roaring back to the top of the political agenda.


The 5AMLD: What Is It and What Does it Mean for Conveyancers?

The 10th of January 2020 will see the latest attempt by the UK government to tackle money laundering come into force. But what is the 5AMLD? How does it differ from the Money Laundering Regulations 2017? And, most importantly, what does it mean for conveyancers?

What is the 5AMLD? 

The Fifth Anti-Money Laundering Directive (or 5AMLD if you like acronyms) is an EU directive enacted in early 2018. It’s being adopted by the UK now because the January 2020 deadline for transposition of the directive – the date it must be made part of UK law by in non-EU legalese – is fast approaching. 

It’s the latest attempt to combat money laundering, currently costing the UK £100 billion a year according to National Crime Agency figures, and will supersede the Money Laundering Regulations 2017.

How Does it Differ from the Previous Regulations?


It’s important to note that the 5AMLD is nowhere near as extensive as its predecessor the Fourth Anti-Money Laundering Directive (transposed as the Money Laundering Regulations 2017 in the UK). The previous directive completely transformed the way business approach money laundering, bringing in changes such as the risk-based approach and removing automatic exemptions from due diligence.   


Instead, the 5AMLD is more about subtle tweaks to the existing structure of the last directive. It adds some additional provisions that weren’t in the original scope of the 4AMLD. These changes mostly focus on enhancing access to information and increasing the transparency of beneficial ownership information and trusts. The changes include:

  • Stricter regulation of payments in digital currencies such as Bitcoin and pre-paid cards to prevent terrorist financing
  • Improved safeguards for financial transactions to and from countries the EU deems as ‘high-risk’
  • Better access to centralised national bank and payment account registers or central data retrieval systems in all member states
  • Public access to the Registers of Beneficial Ownership introduced by the Fourth Directive
  • Greater transparency obligations for trusts, which will be required to meet the beneficial ownership requirements. This is alongside potential changes to the threshold for identifying beneficial ownership in high-risk cases 

What Does it Mean for Conveyancers? 
What does all this mean for firms operating in the property sector? Well, in simple terms, these changes shouldn’t have a dramatic impact on most firms in the short-to-medium-term. Although the directive includes firms acting as letting agents for the first time in high-value transactions with a monthly rent of €10,000 or more, this is unlikely to affect many firms outside of London.

Greater due diligence is required for any firm processing transactions in cryptocurrencies and it’s definitely worth conducting a risk assessment to establish whether your firm is exposed at all and training all staff accordingly.

For those dealing with corporate clients, there is a requirement that details of proof of beneficial ownership should be collected and checked. And, a new obligation to identify senior managing officials if corporate beneficial owners can’t be identified. It also looks as though this proof will increasingly need to be electronic.

The bottom line is that conveyancers should be conducting thorough anti-money laundering checks with every transaction. And, in most cases, this can be achieved by purchasing an AML check from Veriphy or a similar provider. One thing’s for sure, with potential fines of up to €5 million or 10% of annual turnover for non-compliance, it’s never been more important for conveyancers to get serious about anti-money laundering measures.  


Are British New Builds Declining in Quality?

Are British New Builds Declining in Quality?

New build properties have always carried a certain amount of emotional heft with them. For many people, a sparkling new two-bed on the quiet estate just out of town is their first experience of owning property – especially in the current marketplace with its acute shortage of affordable housing.

But could that dream fast be becoming a nightmare for some first-time buyers? Many buyers themselves certainly seem to think so. According to the HomeOwners Alliance’s The Home Owner’s Survey 7th Annual Report, 63% of UK adults believe housing quality is declining and becoming a serious problem.

In addition, the report indicates the quality of new build property could be one of the key drivers of negative perceptions of the UK’s housing stock. Some 40% of new-build homeowners report being unhappy with the snagging process, with as many as 20% concerned they were ‘coerced’ into paying the deposit before being able to identify snags and defects in their new home. 

More worrying still, over a third of respondents didn’t agree that their builder or developer resolved these defects within two years of the purchase date. And, some 43% disagreed that the warranty provider had fulfilled its responsibilities or explained the warranty properly. 

It could even be having a disastrous effect on the very aspiration of owning a home, once viewed as second only to births and weddings as the proudest day of many people’s lives. Some 72% of those surveyed felt that the property on offer for a first home is demotivating because the quality of the product is so poor.

What’s more, buyers perceptions appear to be being borne out in reality. According to housing charity Shelter, More than half of purchasers of new builds in England have experienced issues with construction, fittings and utilities.

What’s going on?

The Housing Crisis Comes Home to Roost

Perhaps the simplest reason for any lack of quality in new-build properties is the sheer speed at which they’re being built. There are very few policies that command universal appeal across the political spectrum but everyone from the most ardent Corybnite to the keenest Farage devotee is in accord over the need to build more houses.

The result is pressure handed down from central government to local authorities and developers to build as many houses as possible, as quickly and cheaply as possible. UK housebuilding figures hit a ten-year high in 2017-18, and this in an environment with precious little state investment, so it’s perhaps not surprising that some of these houses have been more thrown up than built.

Regulation (or lack thereof)

People are often surprised by the lack of regulation in the UK building sector. While there is a multitude of building regulations for the buildings themselves, covering everything from ventilation to weatherproofing, the industry is subject to the lightest of light-touch regulation.

Builders are not legally obliged to obtain a licence to work, and there is no official regulatory or licensing body for the industry. The more virtuous can sign up to bodies such as the National House Building Council (NHBC) or the Federation of Master Builders, but this is entirely voluntary.

The outcome of this is depressingly predictable; with no regulatory oversight and little punishment for substandard workmanship, it’s to be expected that less scrupulous builders cut corners. After all, they’re given every incentive to do so.

An Oligopolistic Market

The last big contributor to declining quality is the nature of the UK market. New-build property development is dominated by an oligopoly of 4 or 5 large firms, with crisscrossing webs of subcontractors doing most of the actual building work underneath.

Unsurprisingly, this leads to an accountability deficit and no real quality control as large developers struggle to adequately assess subcontractors’ work and bureaucratic buck-passing when buyers complain. Housing giant, Persimmon admitted as much in a Channel 4 documentary aired earlier this year stating: “We fully accept that on too many occasions in the past we have fallen short on customer care and the speed and empathy with which we dealt with problems.”

What Can be Done?

Firstly, regulation must be far tougher. As discussed, the new-build sector currently resembles something of a wild west scenario with little incentive for many builders to do anything other than construct hastily cobbled together, poor quality housing. Of course, any drive towards stricter regulation of the industry must come from central government, something that looks unlikely at present.

In the absence of regulation, there are calls from some quarters – most notably The Homeowners Alliance – for the introduction of a snagging retention fee. Under such a scheme, new-build homeowners would be permitted to withhold funds from house builders until they rectify faults. According to a recent poll by the Homeowners Alliance, this policy has overwhelming public support, with almost 9 in 10 (87%) of new-build homeowners backing the proposal.

Finally, on a more practical level, homebuyers can guard against poor-quality property by undertaking a homebuyers survey, as well as carefully checking for snagging – hard though that may be in the face of pressure from their agent to make an offer.

New build housing doesn’t have to be this way. The recent publicity surrounding the award-winning Goldsmith Street development in Norwich serves as a timely reminder that when we build well, we’re constructing so much more than bricks and mortar. 


How Will Crossrail and HS2 Really Affect Property Prices?

Large-scale British infrastructure projects are an odd thing. They’re very often late, even more regularly overbudget, and many waver continually on the line between useful public service and expensive white elephant. Yet for all that, for canny investors who’re willing to roll the dice, public infrastructure projects can deliver very healthy returns.
This is particularly true of property. Property in close vicinity to key public infrastructure has long had the potential to skyrocket in value. If you want an example of this, look no further than the London Underground. Research from American real estate firm CBRE, recently revealed that owners of properties within 500m of the Jubilee, Central, Metropolitan, Circle, and Piccadilly lines have experienced annual growth rates of around 10% every year since the financial crash.

But does this translate to Crossrail or the often criticised HS2?

Crossrail

Way back in 2012, Crossrail commissioned a study. This study went on to predict that by 2021, property prices close to the line’s new stations would increase by 25% more than the average price increase in central London and 20% more in the suburbs.

So how are prices around the line’s 40 stations as Europe’s biggest travel and infrastructure project reaches its final stage? (Crossrail was due to open in Autumn 2019 but is now likely to be pushed back to spring 2021)
Well, while Crossrail’s initial predictions have proved to be as starry-eyed as they seemed at the time, the effect has still been dramatic. Dubbed the “The Crossrail Effect” house prices within a mile of any of the stations have shot up 66% since 2009– that’s 15 % more than the rest of London. The most incredible of the Crossrail-generated price spikes is in properties around Bond Street where prices have ballooned by 165.9% to £3.1m on average.
But it’s not just central London that’s seen prices rise. Even end-of-the-line Reading and Abbey Wood have experienced annual spikes of 11.7% and 18.6% respectively.

What’s more, some experts are predicting a further increase in average prices once the project is completed in 2021. Of course, this is likely to be somewhat dependent on the outcome of the Brexit debacle and whether the long-predicted recession hits. However, even in the event of a no-deal Brexit or another financial shock, properties near key infrastructure are likely to hold their value better than others – at least according to the
research by CBRE mentioned earlier.

All-in-all, provided you’ve got at least £500k to play with, an investment property close to Crossrail looks like a shrewd one. It’s difficult to think of anywhere else in the country where property prices are almost guaranteed to rise year-on-year between now and 2021, and you could well end up sitting on the next Bond Street.

HS2

Things are a little less cut and dry with HS2, a high-speed line connecting London, Birmingham, Manchester, and Leeds.

Firstly, there’s the timescale. HS2 is now unlikely to be completed before 2033. Predicting the state of the housing market in the next 12 months is difficult enough, let alone 14 years into the future. And that’s, of course, assuming that the project ever reaches completion, something that looks increasingly uncertain as pressure for it to be scrapped grows.

Secondly, no one quite knows how people will react to HS2. On the one hand, it could completely tear up what we currently think of as the commuter belt. HS2 would slash travelling times to London from all 3 connected cities:
 Leeds to London: 1 hour 28 minutes (down from 2 hours 20 minutes)
 Manchester to London: 1 hour 8 minutes (cut from 2 hours and 8 minutes)
 Birmingham to London: 49 minutes (reduced from 1 hour 21 minutes)
So, it’s completely possible we could see an influx of commuters heading north to take advantage of cheaper house prices and a lower cost of living.

This would quite quickly affect house prices as demand grew. On the other hand, the commute from both Leeds and Manchester is still relatively long and likely to be pricey, meaning that for all but the most high-flying commuters the time and cost may not be worth it. This presents the possibility that HS2 could become little more than a very quick ride into London for tourists and day-trippers. But all of this doesn’t mean we can’t make some predictions. Large rail projects do tend to affect property prices, and we have Crossrail and HS1 for guidance.

Taking HS1 first, it’s actually quite likely HS2 will hurt property values, at least to begin with. Those properties nearest to the proposed route of the line will probably experience a slight dip in value due to the disruption caused by building. Nevertheless, it’s important to stress that this is only temporary. While prices dropped during HS1’s building stage, they quickly recovered once work was complete and soon began to increase. The only caveat is for those properties that are so close as to be adversely affected by noise; damage to the price of these properties is probably permanent. Although, most of these properties will have been purchased by the government under compulsory purchase orders anyway.

As for what we can learn from Crossrail, we’ve seen that across London the project has led to substantial rises in value. It’s improbable that prices will rise quite so spectacularly in Leeds, Manchester, or Birmingham – London is usually an anomaly when it comes to housing trends – but given the potential for job creation and accessibility HS1 brings they could well increase.

HS2 might be more of a gamble than it’s cross-city cousin, but when you consider that the costs of purchasing in any of its three hub cities is substantially cheaper than London, it begins to look a lot more attractive. In the very least it’s certainly worth keeping an eye on.


What Will A No-Deal Brexit Mean for Conveyancers?

Way back in 2017, we wrote a piece tackling what Brexit was likely to mean for the housing market. At the time, the idea of the UK crashing out of the EU without any kind of agreement in place was hardly considered outside the fantasies of a few hard Brexiters in the European Research Group.

How times change.

Prime Minister Boris Johnson began last week by insisting that the UK will leave the EU on October 31 st “whatever the circumstances”. Later the same day, European diplomats were quoted on the record that “A no-deal now appears to be the UK government’s central scenario”. And, Johnson’s most senior advisor, Dominic Cummings also started his week by instructing special advisers across government to step up preparations for a no-deal Brexit. All of which points towards the UK dropping unceremoniously out of the EU in just under 3 months’ time – barring a general election, an increasingly unlikely second referendum, or act of divine intervention.

But what does this mean for the housing market and, by extension, conveyancers?

The Housing Market Depending on where you look, the short-term forecast for the housing market ranges from grim to slightly less grim – something that’s true for both prices and transaction numbers. The Bank of England has described the potential impact of no-deal on the housing market as significant. It went further, saying house prices could plummet by as much as 30% in the event of no deal. Even more conservative estimates from mortgage lender Halifax suggest prices would quickly fall by 5%. This is against a backdrop of already fairly flat growth of around 0.4% for most of the year so far, with Halifax also reporting a slight decline in property prices from June. Alongside this, according to HM Revenue and Customs’ (HMRC) June data, transaction numbers are also falling.

The 84,490 residential transactions recorded in June represented a 9.6% monthly decline when compared with May’s figures and a 16.5% reduction in transactions when compared with June 2018.

According to analysts, this slowdown is mostly being driven by cash buyers who aren’t subject to chains and have no real pressure to move, and with Brexit creating uncertainty, it’s likely that many are simply opting to wait and see. And That Could Mean Bad News for Conveyancers For conveyancers it’s a simple equation; uncertainty generally means low confidence in the market which in turn means fewer transactions and, ultimately less work. This is likely to persist in the very least until past the October deadline. On a macro level, the legal sector as a whole could stand to be one of the hardest hit in the event of no deal. The UK is currently the second largest provider of legal services globally and the largest in Europe by some way, equivalent to 1.4% of UK GDP and creating an export surplus of £4.4bn as of 2017. However, despite its prestige and vital role in the UK economy, some experts are predicting a no-deal Brexit could cost the legal sector £3.5bn in lost volumes – a 10% decrease on an ‘orderly’ Brexit.

This is partly down to the potential loss of access to EU Lawyers’ Directives, which provide EU-wide rights on services and establishment, but also down to the wider economic impact of a deal-free exit such as stagnation of the housing market. But It Probably Won’t Last If you’ve made it this far without considering a career change or beating your head repeatedly on your desk, well done, it’s time for some good news. The last decade of political, economic, and social turmoil has revealed two things about the UK housing market. Firstly, that it hates nothing more than uncertainty. This is obvious, after all, most people don’t make big investments in times of unpredictability. Secondly, the UK housing market has proved remarkably resilient. This was demonstrated by its relatively swift return to form following the 2008 financial crisis.

Property remains one of the most stable assets and has always had a propensity for weathering political and economic storms and recovering quickly. If you take a longer-view, you can see that the national average for house prices has actually risen and the market has had stable year-on-year growth for the last decade – despite the Brexit vote. Even the fall in transaction numbers is viewed by most as a temporary blip and explainable as being down to the uncertainty caused by March’s deadline. Most commentators believe that once the Brexit debacle ends – even if that’s with a no-deal – transaction numbers should quickly begin to return as the housing market reasserts itself. On top of this, a decrease in house prices could act as a catalyst at the bottom end of the market, with first- time buyers receiving a timely incentive to get onto the ladder. Alongside this, a decline in the value of sterling could well make investing in high-value commercial and off-plan property more attractive to overseas investors – mitigating a lot of the damage a drop-off in everyday residential transactions. Of course, none of this is to downplay the potential impact of no-deal. The truth is that we just don’t know what will happen and commentators far better qualified than us are struggling to make concrete predictions. However, while the first part of this blog makes for pretty gloomy reading, it’s worth considering the form.

The housing market has rallied quickly after far more serious economic shocks than Brexit (2008 being the obvious example) and long-term trends are positive. It’s a little early to be making bold predictions, but just maybe our worst fears might turn out to be little more than that.


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