Brexit & the Housing market

Steve Moir Director at Hennings Moir gives his views & regular updates on how the Brexit Vote is affecting the market

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15th July Steady as she goes..

What is happening with post Brexit Property Sales?

“Our Sales are up Post Brexit on June. our viewings have increased!

 The referendum doesn’t seem to have affected the willingness, or need, to purchase, as the average time to sell a residential property has reduced to 57 days compared to 60 days the previous month and 65 days for the same period last year.

The rental market also remains really strong in all price ranges.

8th July The effect so far

“Well its two weeks post Brexit vote. Clearly its still early days but surveys reflect our own experience that the market is returning quickly to normal. Valuations and new Instructions have continued in all price ranges. Viewings have increased and we are seeing good offers being made and sales being agreed. We have not seen anyone pull out of a purchase as a result of the Brexit Vote.

I guess its not entirely surprising. Interest rates look like they may be heading even lower, long term fixed rate mortgages are at their lowest ever. Overseas buyers are helped by a more favourable exchange rate which is likely to help the London market and the spin off to us is buyers relocating from the London area will continue.

All in all a positive looking picture”

Steve

24th June we’ve voted out will it make a difference?

“In the run up to the referendum there was definitely a slowing in the market both in viewings and new instructions coming onto the market. Clearly the public were being cautious.

However straight after the results announced we immediately had a resurgence in viewings and call for valuations. I guess with the majority voting to leave especially in the South West, despite the doomsayers, buyers and sellers remained confident.”

Steve 

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