Published: 21/07/2016 By PennyWe are finally seeing some summer weather and true to British form, it's not a comfortable temperature, it's over 30 degrees this week! Obviously it's fantastic to be outside enjoying the weather, and so it seems most others are as well.
Brexit has been the hot topic for the last few months and probably will be for the next year, but what impact has it had on Lettings and Residential Sales? According to the Independent, London property prices are falling following UK’s vote to leave the EU. The vote triggered a wave of discounts as nervous owners slashed their asking prices following the surprise victory of the Leave campaign. The number of cuts to asking prices surged by 163 per cent in the 12 days following the referendum, compared to the 12 days ahead of the vote, according to figures from LondRes, a property research firm. For more in this article see: http://www.independent.co.uk/news/business/news/london-house-property-prices-asking-real-estate-eu-referendum-brexit-a7142281.html. but other than that, it seems to be the typical quarter 3/ summertime levels of business with applicant levels unchanged other than lettings which seems to have slightly increased helping rents rise...great news. As the new Prime Minister is getting Article 50 in place, we have at least 2 years to figure things out, hopefully without panic and dramatics as we can see the GBP is already increasing. The property market will see alterations of course, but what they will be and to what level no one knows, and with predictions all seeming to contradict themselves constantly, its a guessing game for the moment until the government comes through with some actual relevant information on the exit....whenever that may be.
So lets enjoy the rest of our British summer and get out to the coast, I know that's where I will be.