It would appear that amongst Relocation Agent Network members, the result of June’s EU Referendum has (so far) had little impact on the UK housing market.
One week after the EU Referendum, Relocation Agent Network surveyed a group of its members to see what trends they were experiencing in each of their local housing markets. The results found that – on the whole – trends were relatively unchanged.
When discussing the direct impact that the Referendum has had so far on the property market, over 90% stated that they had seen no housing transactions fall through as a direct consequence. 75% also noted that buyer enquiries have stayed the same since the result was announced.
When asked whether survey respondents thought residential sales prices will rise over the next 18 months, 83% indicated they will stay the same. Similarly, 75% indicated that transactions in the sales market for the same period, will also stay the same.
It would appear that survey respondents foresee a similar picture for the UK rental market. 66% reported that over the next 18 months, both rental rates and buy-to-let transactions will stay the same.
The survey also asked respondents how long they thought any uncertainty in the UK property market would last. More than 66% think it will be six months, with an additional quarter suggesting 12 months.
Geoff Graham, joint Managing Director of JW Wood, the member of Relocation Agent Network in County Durham said, “So far we have seen Brexit make very little impact on our local property market. Of course, the long term impact it will have is uncertain, but the summer months are traditionally a popular time to enter the housing market and 2016 is no different. If you have a property to sell, contact us today. We’re Relocation Agent Network’s appointed Local Expert for County Durham & Darlington which means we have access to out of town buyers moving into the area.”
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