Many stakeholders in property are asking us about market reaction to Brexit and whilst it is still very recent news, we are beginning to understand the way both buyers and sellers are thinking.
The reaction has been calm and if one thing is already clear it is that in suburban London property transactions are a considered decision with the fundamental reasons to buy or sell unchanged. There is of course plenty of conversation, but also an understanding that the conditions of lending, interest rates, individual financial status and the reasons to move remain the same.
As with any period of uncertainty we do expect sellers to sit on their hands and that this will restrict supply in the coming months which might fuel the market again. Even in times of financial crisis we have seen that rather than sell low, homeowners are prepared to wait the storm out. We anticipate that the next few weeks will be no different whilst the fog clears around the political and economic outcome.
Meantime life goes on and we continue to arrange sales as normal with offers being received and sales agreed. If you were thinking of moving in the second half of 2016 we see no reason not to follow through on those plans and would welcome the opportunity to discuss your particular situation in more detail and help with your move.