The result of the EU referendum may have been a shock to some, however it must be remembered that our exit from Europe was fairly voted for and reflects the wishes of the majority of voters in our region, says director Adrian Siddall, pictured.
Yet again, wildly differing forecasts dominate the media with regard to the potential impacts on the property market and house prices.
The fact that the predictions are so varied perhaps indicates that nobody really knows what the repercussions of the vote will be – we will simply have to wait and monitor the situation.
Changes will not happen overnight, with the process of leaving the EU expected to take upwards of two years.
Within the property industry itself, there is some caution as to what the short-term reaction will be – possibly a period of inactivity whilst people take stock of their own financial situation. However, there is a feeling of optimism.
In the period leading up to the referendum, our six offices remained busy. Sales achieved in our Durham, Chester-le-Street, Consett and Stanley branches during May and June have exceeded figures for the same period last year, which is an exceptional achievement when you take into consideration that 2015 was one of our best years for sales since the recession of 2008.
Despite the negative forecasts of pro EU campaigners, the fact remains that property price is driven by supply and demand and demand, in turn, is created by various factors. People still need bigger or smaller properties as the size of their families change. People still need to change location determined by job changes, proximity to friends and family and moves to sought-after school catchment areas. People will still move forward with their lives and demand will remain.
At JW Wood we remain focussed on delivering the best service possible to our clients and have every confidence that the property market in County Durham will remain very healthy indeed.