What does Brexit mean for the UK property market?
There was never any doubt that a vote to leave the European Union would cause short term uncertainty in the UK’s financial markets and our economy. The only question for me was whether we would emerge stronger and more independent. I firmly believe the answer to that question is yes.
For a lot of people, immigration was and still remains, a key issue. I think this is shutting the stable door after the horse has bolted. But as an island, we must surely be able to control our borders better if we have sole control.
Pace was established during the mid-1990s when the price of property was incredibly low. The demographics of the south east of England meant we would never have enough homes for people who wanted to live here. Net migration rates and an increasing birth rate guarantee that residential property will be in high demand to rent and buy for the foreseeable future. Therefore, I see a bright future for Pace, its clients and employees. However, there could be rough times ahead in the next year or so, when few people are moving or renting due to the uncertainty of Brexit.
Leaving the European Union may provide some exciting possibilities for property investors and we will be here to advise in our usual professional manner. It could also mean a small crash in housing values for a short time. But I know the basic economic theory of supply and demand will continue. Property values will be restored within the context of the never ending cycle of the rise and falls, as we have all seen before.
Therefore, I am certain the future is bright, if we have the courage to take advantage of the opportunities that will present themselves and make our own opportunities wherever possible. Only time will tell who was right, although we will never know for sure because we will be outside of the EU. One thing is certain, Great Britain is still great and will be greater in the future, regardless of the result of the referendum.
We are happy to offer half an hour of face-to-face advice, free of charge, to local individual considering becoming a landlord.
Please telephone and ask to speak to Marcus or Crystal on 01702 445 606.
