When Brexit was decided, there was a lot of talk about property prices falling, the economy falling off a cliff and the Francophiles despairing over whether we would all starve and die of thirst without our imported Brie cheese and cases of Bordeaux wine.
As many expected, Brexit came without a whimper, unless you were a lorry driver at Dover, of course.
Over time, other more urgent matters took priority, not least the COVID-19 pandemic.
These are certainly challenging times for everyone and there was little to celebrate in 2020.
Nevertheless, one bright spot to consider is that, as in the period of uncertainty caused by Brexit, the residential property market proved to be pretty resilient despite the current crisis.
Prices did not fall (although some might argue ‘not yet’) and rental demand remained strong and is expected to continue to do so.
Importantly, the vast majority of landlords still received their rental income, and this is unlikely to change.
All property markets are cyclical, and it is a case of when, and not if, there is a correction.
Will this happen this year? Analysts and commentators can’t agree – wasn’t it ever thus?
I personally doubt it, and even if it does, it should not be severe. Inflation (a great friend of property price rises) and the housing shortage will see to that. Ah, crystal ball gazing again!
