How will Brexit affect house prices, the pound, and interest rates?
From interest rates to house prices, we've spoken to the experts to find out how Brexit will affect the money in your wallet
AS Brexit negotiations continue, how will it affect household finances?
We've spoken to the experts to find out how your wallets will be affected when Britain leaves the European Union. Here's what you need to know...
How will Brexit affect the pound?
This morning, the pound shot up again, this time to 1.17 against the euro - the strongest it's been since May 2017 - after the Prime Minister managed to secure legally binding changes to her Brexit deal last night.
Sterling also strengthened against the dollar to 1.32, but that could all change again tonight, when Theresa May's deal faces a second vote from MPs in the Commons.
And even though the currency has gotten stronger, it's still 10 per cent down compared to what it was on the day of the referendum back in June 2016.
Currency expert Ian Strafford-Taylor from FairFX explained: "Whenever there is any update to Brexit negotiations or parliamentary votes, we see a spike in support requests as customers try to understand what it all means for the pound.
"It’s likely the pound will react in light of the aftermath of tonight’s vote – but in which way depends on the outcome of the vote."
The pound slumped by 15 per cent following the results of a referendum which saw Brits vote to leave the European Union, trading at a 30-year low against the US dollar and other currencies in June 2016 .
Is now a good time to buy or sell currency?
IF you're heading off on holiday or have just arrived home and are wondering whether now's a good time to buy or sell currency. Here's what you need to know:
Exchange rates are constantly changing and can go up and down because of any number of reasons.
This means it's almost impossible to even try and time the market, all you can do is make sure you get the best deal when you buy or sell.
Buying currency
Use to compare rates if you're taking cash - it'll tell you where you can buy your cash for less.
To protect yourself against currency price changes, Money Saving Expert Martin Lewis recommends buying a bit now and a bit before you go. He said: "A simple way to guard against currency moves is buy some now, and some just before you go.
"This diminishes the impact of rate moves (good ones as well as bad)."
Also consider a specialist travel credit card, which allows you to spend money abroad without being hit by any fees or hidden charges. For more on travel credit cards you can read our guide here.
And never buy currency at the airport or other ports - it will always cost more.
Selling currency
Use Money Saving Expert's to make sure you're not ripped off.
How will Brexit affect interest rates?
The UK interest rate - known as the base rate - is set by the Bank of England (BoE) for lending to other banks and it used as the benchmark for interest rates generally.
It may affect interest you pay on loans, or receive on savings accounts.
Low interest rates are good for borrowers who will pay less interest on loans but it's a poor deal for savers who earn very little on their nest eggs.
Interest rates have risen twice in the past years from 0.25 per cent to 0.5 per cent in November 2017 and to 0.75 per cent in August 2018.
Whether Brexit will cause interest rates to rise is to early to tell.
Bank of England governor, Mark Carney said in November 2018: "There are scenarios where policy would need to be tightened in the event of a no-deal, no-transition, so-called disorderly Brexit.
"But I would stress that it’s not the view of the Monetary Policy Committee that that is that most likely scenario."
The Bank of England usually changes interest rates in a bid to stem rising inflation. Its goal is 2 per cent, and it currently stands at 2.2 per cent.
How will Brexit affect house prices?
The first few months of 2019 has already seen the property market has stall as homeowners and buyers wait to find out what will happen after Brexit.
This could help first-time buyers who want to take advantage of home sellers who want to move properties. It gives you more power to negotiate on price and even afford a house that might have been just out of your price range before.
Property pro Simon Nosworthy, from Osbornes estate agents said: "Brexit has made the property market inviting for first time buyers for some time and arguably things have never been so good for them.
"Prices have been falling and interest rates remain at historic lows meaning that there has never been a better time to buy a property.
"Now is a good opportunity to buy and purchasers should negotiate hard when putting in their offer."
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
Help to Buy Isa - It's a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan - The Government will lend you up to 20 per cent of the home's value - or 40 per cent in London - after you've put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa - This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25 per cent on top.
Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you're restricted to specific ones.
"First dibs" in London - London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative - A Government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest on the website.
If you've already own a home then you might be concerned about the value of your house then its likely that prices will start to rise at a faster rate after Brexit.
Tim Purnell from online estate agents said that a crash is unlikely but prices are likely to dip in the short-term, "particularly in the event of a no-deal Brexit".
"That said, over the long-term the overall stability of the UK property market should prevail and average prices should start to tick up gradually once more."
House price surveys show the prices are still increasing in most places across the UK but at a slower rate as they have done previously.
Despite Brexit monthly home sales still remain steady, according to the latest Halifax house price survey.
LATEST ON HOUSE PRICES
In terms of a mortgage, if you’re worried about Brexit then experts advise going for a long term fix.
Hannah Maundrell, editor in chief of money.co.uk, said: "Mortgage rates may rise independently of Base Rate though so if you’re on a standard variable rate deal it’s worth checking if you could free up cash and protect yourself against possible rate increases by locking into a low rate, long term fixed rate deal now."
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