British housing market is resilient

Following the momentous decision of the Great British public to leave the EU, your local estate agents Webbers consider the future of the housing market in the new world outside of the EU.

Managing Director of Webbers, Malcolm Prescott explains, "the first thing to remember is that nothing will actually happen now, there will be a period of time for calm, discussion and it is encouraging that the outgoing Prime Minister David Cameron will remain in No. 10 until October. In addition we were very encouraged by the immediate announcement from Mark Carney who is Governor of the Bank of England, stating that in anticipation of the "out" vote the Bank had set aside £250 Billion to ensure stability within the banking sector".

As for property sales, we know that confidence is one of the important factors in our profession and there may well be, given the anticipation of change, some uncertainty in the market. However we are not alone in believing that the UK property market is in fact very resilient and that prices in residential sales and lettings will be stable in the short term, this is a view echoed by NAEA President Mark Hayward. I addition we are still not building enough new homes, with our population growing at circa 500,000 per annum, we have to live somewhere - therefore we will still have the demand".

Malcolm continues "On a personal level, I and my wife have in recent weeks been discussing the possibility of a move, will we continue with that plan? YES - why? Because we would like a life-style change and we will do our level best to make it happen. I believe that once the dust has settled many others will feel and do the same - get on with living, this is after all the very best thing we can all do to keep the wheels in motion! IF prices do re-adjust (as they have many times in the past) we all need to remember that it is the difference that matters NOT the headline price in many cases".

Malcolm concludes by saying "The West Country remains a beautiful place to live and there will always be people wishing to move into our part of the world and it is evident too that the local market is still very busy in most sectors"

For more info contact Malcolm Prescott 07887-661061  - e-mail malcolm.prescott@webbers.co.uk