On the lead up to the EU Referendum there has been many a debate about the future impact on the UK’s property market.
At the moment there is no clear signs as to the extent of the potential impact, however with just over a week to go leading hybrid estate agency, eMoov.co.uk’s Local Property Director for London Damien Ellison, has commented on how the London housing market doesn’t appear to be slowing.
This might seem obvious as London is the driving factor in the UK housing market, however, the capital is the hot bed for buyers from abroad, looking for buy to let or second home properties. With buyers overseas now cautious about investing in London should Britain decide to leave the EU, there is thought that London and the wider UK property market could be in for a troubling time ahead.
However, according to some property experts, this is not the case.
This week we’ve seen an array of various stories in the lead up to the EU Referendum, stories from both the leave and remain camps. But what does it all mean?
Now I’m no economist and nor do I pretend to be but what I am, is an estate agent in one of Britain’s largest economies – the housing market.
Unlike Government departments who take three to four months to gather up statistics and then compile their reports, estate agents are at the forefront – the front line. We’re the very first to see any slight changes in the housing market.
Despite political and media scare tactics in the hope to sway public opinions, the Referendum so far hasn’t affected the market in terms of the volume of people wanting to invest their money into British property. What we’re seeing throughout London is high demand, but the supply of property stock is slowly drip feeding onto the market. This is becoming increasingly lucrative for homeowners.
As the demand for property increases with the lack of competition between sellers means that you’ll begin to notice a slight increase in property asking prices.
To date, I’ve seen no indication that a possible Brexit could hamper our property market. I believe the market will remain strong, possibly with a slight correction but strong nonetheless.
This is due to the fact of the vast amount of people in London requiring a home. People still need to rent or buy.
If you’re looking for an estate agent in South London, click here to contact Damien Ellison and get a free valuation.