Brexit: Just over a year ago, for better or worse, the UK voted to leave the European Union and strike out on its own.

The fallout has been many, including the resignation of one prime minister and a snap election that failed to secure a majority for another. Everything will be affected, mortgages included.

After the vote, London house prices fell by £30,000 on average. A year on, changes in house prices remain a cause for concern, as a London School of Economics (LSE) report from July shows. It warns that a Brexit recession and a drop in real earnings could cause house prices to fall.

In reality, it remains to be seen how existing mortgages will be directly affected. But there is a lot of speculation about what will happen when the deal closes.

Some recommend that homeowners protect themselves from market forces by switching from an adjustable rate mortgage to a fixed rate while they still have time. However, there is absolutely no guarantee that this is the best course of action. It will depend entirely on the actions and decisions of Bank of England Governor Mark Carney and whether or not he chooses to raise interest rates above the historically low threshold of 0.25%.

Worst of all, the opinions offered are based on the same partisan support for leaving or staying. Obviously, this is not as useful to people who are researching mortgages in a broad spectrum of media as it should be.

In late 2016, the Guardian, the permanence champion, urged readers to lock in their mortgage rates as soon as possible, while The Daily Express, a vocal pro-licensing organ, promises that repayments could be ‘slashed’ as Brexit unfolds.

However, for those who don’t yet have a mortgage, things could be more complicated. According to the Royal Institute for Chartered Surveyors, the number of houses that are on the market is at an all-time low. Combined with the fact that lenders’ appetite is thin (the number of approved mortgages dropped by more than 2,000 between January and February of this year), new buyers could be in for a very tough time.

Heading into 2018, the housing market will feel these combined forces, slowing 16% for the full year. However, Savills estate agents insist this won’t be the case for long, forecasting house prices to rise 13% again within five years.

In reality, the fate of the British property market will depend entirely on the success of the Brexit negotiations, which are now in full swing. A healthy property market will depend on the overall economic health of the UK. If the negotiations go badly, the value of the pound will go down, inflation will rise and interest rates will rise; as a result, house price growth will slow to a trickle. In turn, this will reduce the number of mortgages, as weary homeowners wait for better days before selling.

However, all this changes if the negotiations go well. A good deal for the UK will be if economic growth remains positive, boosting confidence and acting as a catalyst for house prices to rise earlier and faster than the reality we are currently facing.

Additionally, there is a wide range of other recent developments that could be having a slowing effect on the housing market. Changes to the stamp duty, millennials’ views on home buying and other factors could slow demand, driving down housing in the process. Brexit is a major, once-in-a-generation event that will undoubtedly affect all facets of British society, and with home ownership being such an important part of our island culture, that will include all aspects of mortgages. , housing prices and even rent. .

Really, as much as the experts postulate, only time will tell what happens. Choose to stay informed, keep an eye on interest rates and Brexit negotiations, and you can better plan for your financial future.