According to figures released this week by HM Revenue & Customs, property buyers went through with sales in July irrespective of any uncertainty in the UK housing market following the vote to leave the EU. The market is however not moving at the same pace seen a year ago, with 16,000 fewer homes being sold in July 2016, compared with July 2015.
The UK housing market is key to the UK economy, and this is one reason for the Bank of England cutting interest rates to 0.25 per cent earlier this month. Surveyors originally predicted that the housing market could be flat as a result of Brexit but, according to statistics released by the financial information service, Moneyfacts, first-time buyers hoping to take advantage of a slowdown in the market and falling house prices, might be disappointed.
At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.
For further information about how we can help you and your property ambitions, contact Steve Govey or your usual Beavis Morgan Partner.