Martin Lewis the Money Saving Expert explains what could happen to house prices after Brexit
Moneysavingexpert.com wizard and founder Martin Lewis has spoken about the worrying effect but even he remains uncertain.
Speaking on ITV’s The Martin Lewis Money Show, he said: “The one thing that is certain is uncertainty.
“That is what’s worrying everyone.
“A fixed rate mortgage is by definition ‘certain’. If you want certainty in these uncertain times, that’s what it does.” But it’s not to say this isn’t a good time to get one.
Lewis added: “Mortgage rates are still near historic lows. There isn’t that much room for interest rates to drop, and lots of room for them to rise.”
With a bit of upside he does say that now may be a better time than any to find your first home.
“Who knows?,” Lewis said about house prices.
“The Bank of England predicts a 30% drop in the event of a ‘no deal’
“That may be far-fetched, but it may be good for first-time buyers because it’s good price.”
He also gives some simple and …. advice for them still on the fence and says ..”I would ignore externalities. The more important thing is have you saved up a decent deposit? Is it a house you want to live in?”
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