More homeowners might be deciding to update their properties with new fixtures and features instead of moving to another home, as there has been a slowdown in price growth in the property market.
Findings from the Royal Institution of Chartered Surveyors (Rics) showed just five per cent of those surveyed around the country saw a rise as opposed to a fall in house values in July, according to its Residential Market Survey.
This could mean a greater number of people are considering expanding or updating their homes with conservatories in Worsley, instead of moving to another property at a time of economic uncertainty.
Simon Rubinsohn, chief economist for Rics, noted the recent news regarding the Bank of England lowering its base rate from 0.5 per cent to 0.25 per cent could have been one of the reasons why homebuyers were put off transactions last month.
As the first time the base rate has changed in seven years, this may indicate the Bank of England is also worried about the UK’s economic imbalance.
What’s more, the decision to lower the bank rate has an effect on mortgage finance, while Brexit also creates an uncertainty in the property market as homebuyers and sellers are unsure how this will affect house values in the future.
Despite this, Mr Rubinsohn remains positive, saying: “The rebound in the key 12-month indicators in the July survey suggest that confidence remains more resilient than might have been anticipated.”
Most respondents predicted activity will return to normal within the year, and that Brexit will only have a “very modest or negligible impact” on the market in the long-term.