"I wasn't expecting that!"

Whenever new legislation is foisted upon us then there are always unintended consequenses. Take the 3% surcharge for second property purchases. There are a range of likely scenarios which would create unplanned and temporary ownership of more than one property. It seems terribly unfair that in these circumstances you would have to pay a surcharge. Similary with Brexit.............

Prior to Thursday, lenders were happy to lend to individuals who were natives of another EEA country on the basis that we were in Europe and had to comply with the free movement legislation. No questions about how long you are going to be here for and what your long term aims are. Just sign on the line that is dotted and we will process the application. Job done!

On Friday morning the landscape looks somewhat different for EU nationals. I wonder if the banks are going to be so willing to approve such mortgage applications in the next two years before we have to leave? And what happens to those EU nationals that have a mortgage and work in the UK. Will they now need work visas to ensure that they comply with the mortgage conditions?

Uncertainty is no good for any market especially the housing market. It is going to be interesting to see how the banks deal with this limbo situation both with their criteria but also those interest rates - "I'm turning Japaneese, I'm turning Japaneese, I really think so! Ee Oo Ee Oo......."