It is now 7 days since the UK woke up to the news that we were withdrawing from the EU.
The vote has not just divided the country but it has impacted family and friends, both before and after the vote. Each person who voted remain is dealing with the decision in their own way. Whilst I will not comment on whether leaving the EU is a good decision, what I can confirm is how the property market has been impacted.
As a National Estate Agent, House Network have large stock numbers, so we get to see results throughout the UK rather than in a specific area. Giving a good overall feel for any significant changes.
Since the Brexit vote, viewings are exactly in line with the week before, so we have seen a stable response. However, we did experience a slowdown in the build up to Brexit and in the same week period in May, we have seen a 27% drop in viewing requests. We do expect the market to return to the higher ratios within the next 3/4 weeks as we all settle back to normal life.
People offering on our inventory has increased by 8% since Brexit, so even though most of the viewings would have been carried out before the vote, it has not deterred buyers. This is a very positive sign.
Agreed sales have remained in line with the week before Brexit and is consistent with the average performance over the last 2 months. We can also report that we have seen no increase in aborted sales.
The media have a responsibility to learn from the mistakes of 2007/08 and ensure we do not talk ourselves into a DIY recession. It is generally accepted that uncertain economic challenges are ahead, but this does not have to over sensationalised.
The economy can impact even a strong housing market and the main statistic to monitor is unemployment rates. If we see any significant increases I would expect to see less sellers, which will impact choice. Buyers will also reduce but more importantly the housing market would switch to a buyers market and influence pricing downwards.
The property market has remained extremely resilient and whilst we continue to see low mortgage rates, coupled with a shortage of stock, demand will outstrip supply. My view is prices will continue to rise very slowly in a stable market. In short ''Its business as usual"