House Prices are forecast to dip 6% on no-deal Brexit
- House Prices could fall by 10-20%, KPMG Claims
- Property owners in places like the South East & London could be hardest hit
- Properties in Northern Ireland could be worth 7.5% less in 2020
A recent article published by This Is Money is based on recent report by accounting firm KPMG. Even if you are not in negative equity based on the information shown in the diagram below you will see what the average house prices are if Brexit deal is agreed and if not:
With a no deal Brexit becoming increasingly likely KPMG have stated that the average house prices will tumble by 10-20%.
Yael Selfin, chief economist at KPMG UK said ‘If we see a fall in confidence, as a result of a no-deal Brexit disruption, and a decline in households’ real income due to higher inflation eating into smaller wage rises, that could see house prices in the South East fall by 0.6% in 2019 and by 6.7% in 2020”. “So anyone who bought a home recently will likely find themselves in negative equity”.
The table below shows the house price growth in their no-deal scenario:
The table above shows that in the event of a no deal Brexit that house prices will drop by 7%, Northern Ireland by 7.5%, South East England by 6.7% and North East England 6.5%.
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