Bank of England Governor warns of Brexit house price plunge

The Governor of the Bank of England, Mark Carney, has warned that a no-deal Brexit could cause a house price crash.

He said that in the worst-case scenario, house prices could fall by as much as 35 per cent over the three years following the UK’s withdrawal from the EU, according to reports.

His comments were widely reporting in the media as having been made to ministers at a Downing Street briefing last week.

Speaking in Dublin last Friday, he said: “Our job, after all is not to hope for the best but to plan for the worst.”

Zahra Himani, a Senior Associate in the Property team at OGR Stock Denton LLP, said: “Mark Carney’s comments have actually triggered further uncertainty in clients who, after the comments, are now re-considering proceeding with purchases or wishing to, at the very least, delay matters to some extent so that they can evaluate market conditions.

“People will always need to buy and sell, this is a fact. However, we are noticing that buyer clients are unwilling to push through at the same pace as, say, this time last year”.

The Real Estate team at OGR Stock Denton LLP has acted for two prominent retailers in securing locations at a high profile development in Kings Cross

Coal Drops Yard is set to establish itself as an iconic high-end retail development and our team has assisted fashion brand Self Service and cosmetics brand Aesop in securing space.

The opening of Coal Drops Yard on 26 October 2018 will be the latest stage in the revitalisation of Kings Cross that has taken place over many years.

The Real Estate team is experienced in acting for both landlords and tenants across a wide range of sectors and an equally diverse range of developments.

Robert Rosenberg, Retail property at OGR Stock Denton LLP, said: “Securing space at Coal Drops Yard was a highly competitive process and we are delighted to have been able to assist both Self Service and Aesop in doing so.

“Acting for prominent clients in relating to such an iconic development is a real showcase for the work of our team here at OGR Stock Denton LLP.”

The Real Estate team at OGR Stock Denton LLP is able to advise retailers of all sizes on all aspects of property matters.