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Regardless of your own personal political choice in the recent EU referendum should we be worried about taking on building projects in North London in light of Brexit? There is no doubt that brexit has been a significant economic shock. For those building, extending, renovating, converting their own homes in North London the temptation is to reassess current plans in light of the uncertainty.
From the initial knee jerk reactions we are already beginning to see more positive news on the horizon with mortgage rates at least in the short term falling even further.
The impact on construction costs could be effected with the devaluation of the pound. However we are already starting to see improvement here. For the most part it appears to be business as usual, projects continue to go ahead, materials are being purchased, and personally we’ve never been busier with house extensions, kitchen installations, loft conversions and home renovation projects in North London.
Those who see their home as a long-term project and not a short term investment are not considering the current risk to house prices. However if you are looking to make a quick gain with property, you may pause for thought to see which way things go and the direction the housing market takes.
Of course, no-one can predict the effect Brexit will have on the self build and renovation sector in the coming months and years – along with the impact it will have on house prices. The elements of this market remain favourable for people investing money in property.
Having the right house and somewhere that you really want to live should come first and foremost over any housing market change.
If you need to improve your home, by renovation, extension, or refurbishment in North London those desires will not have changed, and most people will be keen to just get on with it.
You will have heard a lot of contradictory arguments across industries, and businesses on the benefits of staying or leaving the European Union. Ultimately it is up to us as individuals to weigh up the pros and cons for your own home improvements in North London.
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