Impact of Trigger of the Article on UK Housing Market
Much discussion has taken place regarding the future of the UK housing market when Article 50 officially kicks off on March 29. Upon this day, the triggering of the Article will begin a chain of events leading to the last day of the UK residing in the EU. After the date of the triggering of the Article was revealed, the sterling took a slight dive downward, but then quickly recovered. The Queen has already granted royal assent for the Brexit Bill to be enacted.
UK housing market experts have discussed the possibility of the market becoming slightly unsettled on the 29th. As quickly as the unsettling takes place however, a correction will likely kick in and restore figures to their original positions. Some believe the only thing which will be noticeable is foreign investment and currency exchange rates.
The entirety of the trigger of Article 50 could in fact be so swift that no change takes place at all within the UK housing market. House prices might not have time to formally adjust, and interest rates will likely not be affected, especially related to home mortgage deals.
The remortgage market could possibly not move an inch from its current position of heavy activity. This amount of activity has been in high gear for months and is expected to continue. Lenders remain proactive about offering deals beneficial to most house owners and their personal financial situations.
A remortgage has now become code for saving money off the cost of the monthly mortgage payment. The process can now be completed entirely online.