The delay in Brexit is already showing positive effects on the local housing market as sales instructions increase by 50% against March for a Scarborough estate agent.
Insight from Ellis Hay paints a good picture for across the region.
After a slowdown in the market caused by uncertainty of the UK leaving the EU, home owners on the north east coast have decided to make a move in the interim.
Scarborough estate agent Ellis Hay has doubled sales instructions within the last month - and they say the market is buoyant across the region.
Following the decision for Brexit to be delayed until October 31, this significant upturn can only suggest that sellers are looking at the current state of play as an opportunity to make their next steps on the property ladder and to avoid political uncertainty from impacting on their home moves.
With a slow start to 2019, residential sales saw a significant dip in comparison to previous years.
This wasn’t unique to Scarborough - the same effect was noted nationwide.
In January, the RICS report revealed that the flow of new properties being listed on the sales market was the poorest since July 2016.
With Brexit expected to take place March 29, the hesitance in selling was evident.
Alongside warnings from the Bank of England that house prices could decline by 30% in the event of a disordered no-deal Brexit, it’s clear that home owners across the region and especially, North Yorkshire, wanted to put a pause on selling decisions due to such ambiguity surrounding the UK economy.
Samantha Hay, Partner at Ellis Hay, said: “The substantial increase in instructions following the most recent announcement around Brexit shows that the local people of Scarborough are no longer allowing political unpredictability to affect their decision-making process when it comes to selling their home.
“The influx of new properties on to the sales market is indicative of an optimism and offers more choice to those looking for a new home.”
She added: “it’s clear that over the last three months, home owners were hesitant to even consider selling their property.
“This was rooted in uncertainty over decreasing house prices and potentially having to accept a lower offer on outgoing properties.
“However, this delay has proven a catalyst for people wanting to move and spurred them to sell.”
Simon Rubinsohn, RICS Chief Economist, previously commented: “The RICS survey makes it pretty clear that the ongoing uncertainty around how Brexit will play out is the critical factor influencing both buyers and sellers.”