PAUL GILLESPIE ON THE POST BREXIT PROPERTY MARKET “side-valuation-button"

21 Jul 2016

PAUL GILLESPIE ON THE POST BREXIT PROPERTY MARKET

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It’s been a month since the EU referendum and we have a new female Prime Minister in No. 10, Portugal is the European champions and the kids have finished school for the summer.

We can expect some fundamental changes in the UK economy over the next couple of years and the vote for Brexit has left investors feeling cautious wondering what the future holds. Now, there are many cheap fake rolex stores have been closed. This has resulted in transaction numbers falling with recent HMRC figures showing a 10.2% reduction last month from the same period last year. But as with any changes of this scale, there is bound to be a period of adjustment while everyone tries to make sense of what’s happened.

What does the future hold for the property market?

Confidence is the biggest driver of the property market and buyers and sellers need to feel assured before they make a decision about their biggest financial asset. However, there are many reasons to remain optimistic because the underlying fundamentals have not changed: All men like Fake Rolex Watches in the UK.

  • The UK economy is one of the most stable in the world and the long-term prospects are still very positive.
  • There is a chronic shortage of new homes and the overall lack of supply shows no signs of easing for many years to come.
  • Buyers drive demand and these buyers will still be ready to purchase over the medium and long term.
  • Interest rates remain at an all-time low and are not likely to rise any time soon as the Bank of England focuses on maintaining stability.
  • The government remain resolute on helping first time buyers through a number of schemes including Help to Buy and the soon to be launched Help to Buy ISA.

In addition, employment in the UK is at a record high and the FTSE 100 index is considerably higher than it was prior to the vote. So all in all, these factors bode well for the property market.

What does Brexit mean for the rental market?

Historically, when we experience a short-term dip in the number of property transactions, it usually follows that there is uplift in demand for private rental property. This in turn brings higher rent levels with attractive yields and combined with growing demand, we expect to see renewed interest from forward thinking investors.

Onward and upward!

We have regained some much needed stability following the appointment of Theresa May; the new Housing Minister has reiterated that the Government “remain committed to building 1m new homes” and Mark Carney has confirmed that the Bank of England is well-prepared for Brexit.

Traditionally property has been the safest haven for long term investment and home ownership is a goal that people still aspire to.

It may take a while for investors to regain confidence and there may be a decline in transactions in the short term; but once the uncertainty is removed we are optimistic that we will see a return to normal activity.

With 25 years’ experience in the local property market, we are committed to helping you move. If you are thinking of selling or considering renting your property, or if you are simply seeking some advice, we would love to help. Contact the team at your local branch or pop along and speak to one of our property experts in person.

We look forward to speaking to you.





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