Commenting on the news, Greg Bryce, managing director of SearchFlow, comments:
“There have been many encouraging signs that the property market is in a strong position to withstand any uncertainty surrounding Brexit and this has been supported with the Bank of England revealing that transaction levels have been resilient over the last month.
This sentiment is reflected within the conveyancing industry, our latest conveyancing survey reveals that the clear majority, 60% of respondents, believe that transaction level will stabilise, 20% believe it will increase by 1-10% and 14% of respondents believe it will increase by 11-20% in the next three months. Only 6% believe that the transaction level will drop further.
“Even though house prices are widely predicted to cool, investing in property will become even more enticing, as today’s rate cut translates into cheaper financing. With banks such as Barclays and Santander already confirming that they will cut SVR by 0.25%, first time buyers will also be encouraged to enter the market.
Recently it was revealed that the number of people that own their home has stopped reducing for the first time since 2003 and there has been a surge of interest in property purchases from foreign investors.
These factors combined with record low unemployment levels, and demand outstripping housing supply, the housing market is in a very strong position to withstand any turbulence over the coming months.”