Today’s no-confidence motion would be a devastating blow for the property sector, according to experts.
“The Government is in a state of absolute crisis and the impact of this on the property market during 2019 is looking more ominous by the day,” said Mark Dyason, Managing Director of the specialist property finance broker, Thistle Finance.
“The property market is powered by confidence and positive sentiment, and right now there is very little of either.
“Homeowners, as the latest UK Finance data reveals, are on remortgaging manoeuvres as they batten down the hatches ahead of a potentially brutal storm.
“Developers are also losing confidence by the day. New housing orders fell during the latest quarter and with the way events in Westminster are unfolding they could be in freefall by early 2019.
“Brexit is generating significant caution among developers, with a growing number disinclined to put their hands in their pockets, buy sites and hire contractors against such an uncertain backdrop.
“A no-deal and chaotic Brexit is now a very real possibility, which will mire the construction and property sector in even greater uncertainty.
“For some time now, the property market has been delivering low single digit growth. With the way political events are panning out, the odds of any growth at all in 2019 are now lengthening.”
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