A survey of mortgage experts conducted by one of the largest specialist buy to let lenders suggests that Brexit is hitting the market and deterring borrowers.
The survey, by Paragon, is forecasting mortgage growth to be its lowest for 11 years with Brexit impacting lower property demand, prices and availability.
The latest results, looking back over the second half of 2018, found that 57 per cent of advisers felt that Brexit had a negative impact on demand for properties, with 56 per cent saying it had put downward pressure on house prices and 44 per cent reporting a dampening effect on the availability of property.
In contrast, only five per cent highlighted a positive impact against any of these factors.
When asked about the impact Brexit was likely to have on the market in the early part of 2019, the overall expectation was that the negative effect would intensify before things got better.
Our Residential Director Ian Bythell said “These are concerning but not altogether surprising figures. I think it’s important that everyone within the property sector, both vendors and buyers, hold their nerve at this time but also temper their expectations both in terms of available stock out there and also the level of demand from buyers”