It’s now more than seven weeks since the vote and some of the effects on matters relating to our finances and assets are beginning to show themselves.
When assessing the effect on interest rates the prediction made before the election was that they would rise and I quote “Mortgages would be harder to get and more expensive [in the event of Brexit]” which was written in the Telegraph by David Cameron and George Osbourne on May 22nd prior to the election.
Earlier this month the Bank of England was able to cut rates, which meant more than a million borrowers with “tracker” mortgages have benefitted, and many lenders have also passed the falls on to other borrowers on variable rates.
Savers have of course suffered as a result of the Bank’s initiatives and this could mean many people saving for their first home or for an investment property could take more time.
We will take another look at the effects of Brexit on the Alfreton and Ripley property market later on in the year.