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What affect will post Brexit have on the housing market?

Since the talks of Brexit first began in 2017, the housing market appeared a little unaffected, but as we are getting closer to the departure period in 2018, estate agents are claiming there are uncertainties in the level of impact Brexit will have on the UK housing market.

Staying in the UK post Brexit

If you thought of spending your hard earned retirement years in a country that offers glorious weather and cheaper house prices, you are not alone. Traditionally many pensioners have left the UK to spend their retirement years in Europe. According to the Office of National Statistics, Spain is home to 308,000 UK citizens with more than 100,000 being over 65.

But with the uncertainty of Britain post-Brexit, UK retirees are considering to ditch the sun and sea and choose to stay put and retire in the UK. A recent study from a housing and care provider, Anchor, suggests that 45% of people aged 50 plus are now less likely to consider retiring in Europe since Brexit.

As we all still love the sunshine weather of Spain and the alfresco dining experiences in France, it is no longer seen as a retirement priority. And it is not just living abroad that is a concern; a survey found that 63% of people are worried about losing access to the NHS as a result of Brexit.

This means extra financial burdens if they were to move away from the UK and have to pay for their own private healthcare.

Although some may argue that the cost of living is relatively cheaper in Spain and France compared with the UK, people may choose to weigh the odds and decide to move to Europe anyway to make the most out of their retirement fund.

Verdict

While no one can predict the future, experts are all delivering the same message, which is to carry on. Fluctuations in the housing marketing are common all year round regardless of Brexit and if people are choosing to retire in the UK then there are many options for retirees such as retirement homes, which offer stability regardless of the outcome of Brexit.

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