Property Market Comment with Rupert Marchington, Knight Frank
MUCH speculation and many ‘worse case scenarios’ are being bandied about by the media on the post-Brexit economic outlook but usually in life the worst possible outcomes fail to materialise.
The coming weeks are likely to be underscored by confusion, noise and opinion, and we all know that the property market does not react well to uncertainty.
Two weeks on from Brexit and people are taking stock.
Our research shows that the reaction across the country, from both buyers and sellers, differs from area to area and market to market.
After holding our breath following the result we are finding that the residential property market in this area seems to have rallied, indeed the consequences so far have been relatively benign.
Our viewing levels* quickly bounced back to normal, offers are coming in* and sales are being arranged (including three on the popular new homes at Phillips Lea in Kemble).
However the most notable difference has been the marked decrease in the number of cottages and houses coming to the open market, both in the town and country, and the dynamics of this is having a positive effect on pricing generally.
At the end of the day life goes on and people still need to run their lives according to their own personal circumstances.
The UK continues to benefit from economic growth and low interest rates.
The underlying strengths of the UK economy remain in place and ultimately property is an investment for those who pursue long-term goals which should encourage immediate short to medium-term demand as people cannot put their lives on hold for ever.
If you are contemplating a move in the next 12 months, now might prove to be a prudent time to sell – we have over 450 cash buyers registered and we have a positive outlook on the local property market for the remainder of 2016.
The busiest sector of the market at the moment is between £500,000 and £1,000,000 and if you would like to discuss your property plans in confidence with us, we would be delighted to hear from you.
Rupert Marchington, Partner
Knight Frank, Cirencester
01285 659771
• *Since the June 23, we have arranged 108 appointments to view our properties.
• *Since June 23, we have agreed sales on over £11,200,000 worth of property many of which have sold over guide price under competition.
(as at July 11, 2016)
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