As I write this at the beginning of October we head into the Autumn market in a completely different position to that predicted by many in the run up to June’s EU Referendum. There was much speculation and vociferous comment by a variety of pundits that a vote to leave the European Union on the 23rd June would lead to an immediate collapse in the housing market, house price falls and a near apocalyptic state for Estate Agents … this simply hasn’t happened.
In the immediate aftermath of the vote our transactions held together, the decision has not been used as leverage in negotiations and if anything business for us has improved during the summer months!
Demand across the property sectors in which we operate has remained unchanged and prices are largely stable with some property brackets experiencing a strengthening of price. Bungalows for those wishing to downsize, attractive country cottages and quality town houses have all performed well in July, August and September to such an extent that we urgently require new instructions.
In a local context, we haven’t experienced the kneejerk collapse suggested by many and we are working hard in prevailing market conditions. Of course at this time we have not yet left the EU and therefore the full impact of the country’s democratic vote is not known at this time.
Recently Teresa May has announced an intention to instigate Article 50 no later than March 2017 which initiates the two year withdrawal process. There is the potential for the withdrawal mechanism to influence macro-economic factors which in turn could therefore influence the local market. However, given the market’s initial reaction, we remain positive about future prospects and will certainly be working hard on behalf of our clients to make the most of whatever the property market delivers to us. We continue to observe and plan for changes in the economic climate which will impact upon our business and the aspirations of our clients.
In our local market we do not suffer the ‘large swings of the pendulum’ that London does and I believe this will continue. In our patch of North Nottinghamshire, which has good links to surrounding counties of Lincolnshire and South Yorkshire we have excellent transport links, schooling and leisure facilities which attract buyers and tenants to this area. It is hard to envisage this would change.