Don't panic over '˜Brexit' says estate agency
An estate agency has urged people in the East Midlands not to panic about the possible impact the referendum result may have on the housing market.
Russell Quirk, CEO of eMoov.co.uk, said he thought that although things could be ‘wobbly’ at first, in the end ‘Brexit’ will mean a better future for homeowners.
He said: “Many will be running to their nuclear bunkers now that the apparent end of the world is nigh. But before they do, they might want to take a breath and sit tight.
“We don’t anticipate any tangible difference where the UK property market is concerned and the supply and demand balance that is currently dangerously out of kilter will see little sign of stabilising itself.
“Going forward the UK market will go from strength to strength, perhaps with wobbly knees at it emerges from the clutches of the EU, but it will soon find its feet again.
“There may be many buy-to-let landlords and second homeowners rushing to list their property for sale in order to maximise their profit, before the “Armageddon” on the horizon destabilises the pound. Ironically it will be these people flooding the market with additional stock that may see prices cool ever so slightly.
“However, property values increased by 6% over the course of 2015 and we predict the same rate of growth by the end of 2016.
“Homeownership will remain far out of reach for the average UK citizen and the overwhelming swell of demand for property will remain despite our choice to leave the EU.
“This could, however, be the final nail in the coffin for the Prime Central London market, as the capital’s high-end properties have never been less desirable in the eyes of foreign investors. With demand having slumped to record lows over the last year, it’s not looking good for the capital’s property elite.”