WHAT WILL HAPPEN TO THE RESIDENTIAL MARKET?
We are now a month beyond Brexit, commented Andrew Oulsnam director of Leading Estate Agent Robert Oulsnam and Company, and it is quite clear it has introduced uncertainty to the residential market. General enquiries are well down, although we would expect this as we enter the summer months. Sales have held up surprisingly well but new instructions are considerably down right across the country.
The general feeling among surveyors and estate agents is that there will be price falls in London and the South East but not in the West Midlands or the rest of the country. In fact we fully expect prices to continue rising albeit quite slowly in the West Midlands.
The new Government is now in place which provides much more certainty for everyone. It is also becoming clear the issues with the EU are going to take years to resolve so what will happen to the market?
Mortgage funds are readily available at amazingly low rates that can be fixed for many years. As certainty grows in the residential market, I am quite sure people will get on with their lives and move home when they want to and we will start to move back to a normal market.