Market Comment – July 2016

Well what a month June was!

I think I, like many others will remember the 23rd June for many years to come and as the news of our surprise Brexit from the European Union and what can only be described as political turbulence engulfs the news, it is important to remember that we have experienced unexpected and unprecedented events in the past and I remain confident that this will come and pass and the housing market will survive.

I understand that many people are feeling anxious however it is important to remind ourselves that bad news and gloom mongering sells news and as it stands now, it is paramount for those feeling nervous about moving to remember that people need to move and people want to move and the list of reasons why is huge.

I think we may see a flattening off in prices and this could be a fantastic opportunity for first time buyers. I have already heard reports that the monetary committee headed up by Mark Carney the governor of the Bank of England, may reduce interest rates and for all these reasons, both the staff and I think this is a fantastic opportunity and we have no cause to panic. Already, 95% of the customers that my staff and I have spoken to have confidence in the medium to long term effect of the housing market.

Looking at the residential lettings market, post and pre June 23rd across our group, there has been no change in stock coming to the market and there was even a small spike towards the end of June in prospective tenants looking.

I suspect we may all be bombarded with negative propaganda of which I hope I am wrong over the next few weeks and I would urge and encourage anybody who is anxious about moving to email me with your concerns directly.