'Nothing to fear' as house price wobble arrives
07-03-2016
By Burton Mail By Rob Helliwell
Burton homeowners urged not to panic about drop in house prices
He said: "The Chancellor in the campaign suggested property prices would drop by 18 per cent.
"Using Treasury estimates, their method of calculating this was tenuous at best, but focused around the abrupt and hasty increase in UK interest rates, which in turn would raise the cost of mortgages, and therefore lower demand for property, causing a drop in property prices. And I would say, yes – a drop will probably happen.
"Burton property values will probably drop in the coming 12 to 18 months – but by 18 per cent? I am sorry but I find that a little pessimistic.
A Lotto ticket which waited a month to be checked turned out to be worth £1M. The big win is now being enjoyed by the 12 members of the Tesco Chester bakery syndicate.
Mr Cope went on to talk about those living in rented properties, too, and he added: "The Burton landlords of the 4,701 Burton buy-to-let properties have nothing to fear, nor do the 11,612 tenants living in their properties.
"And the value of your Burton property? It might have a short-term wobble but in the long term – it's as safe as houses."
According to Bloor Homes Midlands, Britain's house-building industry remains in a strong position too.
Jason Woolliscroft, regional managing director at Bloor Homes Midlands, said: "No-one was in a position to accurately predict the immediate effect of a decision either way in the EU referendum, and the news is still very fresh.
"However, our firm belief is that the UK economy and property market remain in a strong position to continue the growth of recent years, and we expect to see stability and prosperity in the years ahead."