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Morning Briefing: will a no-deal Brexit cause a property crash?

Fears over a no-deal Brexit’s impact on the property market dominate the pages of today’s newspapers

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Picture: Getty
Picture: Getty
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Morning Briefing: will a no-deal Brexit cause a property crash? #ukhousing

In the news

As the implications of a no-deal Brexit continue to emerge, the spotlight yesterday turned to the housing market with Mark Carney, governor of the Bank of England, briefing ministers of a 35% house price crash as a result.

If you’re thinking “well at least that would rebalance the market a bit”, think again – homeowners would be plunged into negative equity and higher mortgage rates would freeze first-time buyers out of the market, says the report in The Times.

Meanwhile, the Financial Times publishes a long read asking if property is still a good investment, with a large focus on Brexit.

 


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Elsewhere, the government published a series of technical notices on the potential outcome of a ‘no deal’ yesterday – with some surrounding procurement, mergers and EU funding which may be of relevance to the sector.

In non-Brexit news, the Local Government Chronicle has the somewhat depressing news that councils have spent £4bn on redundancies since 2010.

The Guardian publishes a letter for housing association figures calling for more accessible housing.

The Telegraph writes that soaring stamp duty has put the cost of moving house up to £12,000.

In local papers, the East London and West Essex Guardian reports on the number of families in temporary accommodation moved out of Waltham Forest, Worcester News covers the roll-out of the housing association Right to Buy pilot in the area, the South Wales Argus writes about plans to build new council homes in Caerphilly, and the Stratford-upon-Avon Herald tells its readers about new investment in existing council homes locally.

And if you’re after something with a more international feel, have a gander at this Reuters long read which assesses China’s failure to build a market of professional rented housing. Not a problem we’d ever have in the West, eh readers?

On social media

No one seems to like housing minister Kit Malthouse’s plan for a new ‘private social rent’ market:

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