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04 July 2016

Buyers withdraw because of Brexit: a temporary blip?

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    • Residential Property
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04 July 2016

Buyers withdraw because of Brexit: a temporary blip?

According to one leading national Estate Agent, the number of buyers withdrawing from purchases increased by 11% on the last weekend of June as compared to May. This is being blamed on the United Kingdom’s vote to leave the EU, and the subsequent resignation of the Prime Minister, David Cameron.

However, the same Estate Agents reported that other ‘measures’ had remained static such as call volumes, traffic to websites and applications.  This suggests that the reaction is a blip and that, in the short term at least, there will be no dramatic repercussions in terms of transaction levels and prices.  

The last quarter has been a mix of peaks and troughs, starting with the artificial high generated by the changes to the Stamp Duty Land Tax regime in March, followed by a lull in the lead up to the referendum and then the fallout from the unpredicted result.  

Valuations are reportedly ‘up’, perhaps borne out of curiosity from Sellers as to what effect the result has had on property prices?  

The summer months are, statistically, quieter for house buying and selling and a lot of Estate Agents are reporting that ‘summer has come early’ – nonetheless there seems to be optimism that ‘normal service will be resumed’ in September.

 
Buyers withdraw because of Brexit: a temporary blip?

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Expert Commentary

Head of Residential Property at Mullis & Peake LLP, commented:

“We have had a handful of residential cases fall through as a direct result of the Brexit vote.  However, some of these cases involved buyers who were stretching themselves financially to make the move and so were, perhaps, more fragile and precarious to begin with.  We have seen sustained levels of new business in the last quarter with large numbers of first time buyers and hope that this will continue. The referendum result was not forecast and so, understandably, this caused some shock waves.  I hope and believe that these will be short term.  I think that we all need time to come to terms with the result, and understand what this will mean for us.  I hope that the greater clarity on this, over the coming months, will restore confidence in the property market and enable this to go from strength to strength.”  

For a no obligation estimate of charges please contract our award winning Residential Property experts on 01708 784000 or 01277 245015.

 

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