Britain votes to leave the European Union. We look at what this might mean for the property market.
The Great British public has voted and after a long period of uncertainty, the much-awaited result concludes that we will be leaving the EU. The country has taken a leap of faith and after an inevitable catch up period, we can look forward to the property market resuming back to normal.
Demand for property in London and its surrounds will remain strong and the capital will continue to be a much sought-after destination for international buyers, for whom the fall in sterling presents new opportunities.
Dominic Agace, Winkworth CEO, says: “Now that we have a decision on Britain's European membership we are past this significant political landmark.
In the past three years we have witnessed not only the British and Scottish referendums, but also the UK election. While the economic impact of leaving Europe is hard to measure, we look forward to a period of greater political clarity which will help families get on with their lives and make the moves that they have been aspiring to.
Having been in estate agency since 1835 and experiencing many significant shifts over its history, Winkworth will not fail to adapt to business conditions post-Brexit. We will continue to fulfil our role of providing a highly professional service to both buyers and sellers.”
We expect the following to manifest itself:
- The property market will recover its confidence because there’s still a shortage of homes and a consistent demand.
- A fall in sterling will present positive opportunities for international buyers to invest in UK property.
- EU rules on mortgages will no longer apply which could create an opportunity for banks to increase lending.
- Little is expected to change quickly – it’s anticipated that actually leaving the EU could take years if not decades, giving sellers plenty of time to fully understand the options ahead of them.
Both sellers and buyers have the knowledge and support of their local agents to guide them through the upcoming months, and we advise them to contact their nearest Winkworth office if they have any uncertainty or questions going forward.
While the vote to leave Europe has come as a surprise, we are now past this significant political landmark and we can look forward to a bright future.
For any help with buying, selling, renting or letting, call us today. To find your nearest Winkworth office, click here.