Brexit One week on – what’s happening in the property market
Since the result of the referendum for the UK to leave the European Union was announced last week, a number of our clients and contacts have contacted us to ask what we anticipate for the short term future of the property market.
After waking up to the somewhat unexpected result last Friday morning and news of the financial markets reactions circulated, we anticipated a loss of confidence in the market from buyers and sellers alike.
The reality though has been much more positive than we originally expected across all of our offices with above average numbers of agreed sales in the last week and an increase in enquiries particularly from first time buyers.
25 years as a market leader in this sector has taught us that property prices and trends are very much affected by confidence. No market likes uncertainty, the housing market least of all, so we can probably expect to see a period of hesitation until a strategy to manage Britain’s exit from the EU has been proposed. Whilst these negotiations are taking place, we will continue to provide sensible advice in relation to asking terms across all of the sectors that we specialise in and remain confident and optimistic during this period.
The UK has a strong and resilient economy and a long established property market which will continue to attract investment and drive us back to normality after an initial period of indecision.
As always, we would urge buyers to focus on their long term property goals as this activity and investment will continue to drive the UK’s property market onwards and upwards.
The economy has experienced many ups and downs since this business was formed in 1991 but our local property market has always proved to be very resilient due to its excellent geographic position and popularity with a broad demographic of buyers. Demand for property continues to exceed supply and we therefore, foresee continued and sustainable growth following this period of doubt.
We appreciate that this may prove to be an uncertain time for many of our clients but as far as we are concerned (particularly with the positive initial feedback from our offices), it is business as usual for us so please do contact your local office if we can provide any further help or advice on any property related matters.
Content accurate at time of publishing.