BREXIT: THREE MONTHS ON
Three months have passed since the controversial vote was passed in favour of Britain leaving the EU. Emotions were high in the weeks that followed, but now that the dust has died down and the mist has cleared, what has the impact of the final decision been on the property marketplace?
Charles D’Auncey, head of Harris Lamb’s Agency team, says: “In the days, and arguably the first few weeks that followed the BREXIT vote, there was a huge amount of negative feedback and concern. The pound dropped and people very much stopped in their tracks to take stock. But as time ticked on, things returned within a matter of a month or two to their usual state.
“At present, it seems the housing market and residential land market are completely unaffected; the demand is still there, developers are still seeking sites and reports from the major housebuilders are that houses are still being sold at good levels of value.
“More reassuringly, bank funding lines and attitudes remain unchanged – particularly in light of the 2008 credit crunch, which lasted until 2014. Many feared we’d immediately descend into a further recession so soon after recovery.
“The attitude of property Funds has been the most difficult to read; the fact there was a noticeable run on quite a few property Funds in the first post- Brexit days and weeks suggests that there has been impact here, but they are ‘finding a new normal’ themselves,” he said.
“Occupiers’ attitudes look to be largely unchanged three months on. The general view is the market needed a ‘good summer holiday’ to assess everything and it seems that the break has resolved itself into a ‘business as usual’ mind-set,” he added.