Property Market Comment with Jamie Dyer, Stroud branch manager,

Andrews

Brexit is happening – what now for the residential property market?

You won’t have failed to notice that last week Theresa May finally triggered Article 50, signalling the start of the journey that will take the UK out of the EU. It’s felt, at times, like a long route to just get here following the referendum last June, but now that the countdown has begun what can we expect in terms of its impact, not least of all on the residential property market?

Well, here at Andrews it’s our view that we shouldn’t see much change!

You may find that surprising but if you think about it, there is no direct reason why starting the process to leave the European Union should have any impact on either property prices or, indeed, the locations in which people chose to live. We know that the process is likely to take two years so anticipating any immediate impact would be premature.

Some will, of course, argue that change leads to uncertainty and that, in turn, uncertainty affects confidence in the market. However, it is worth remembering the fundamental principles on which the property market operates.

Simply, the key driver of the housing market is demand, and with a lack of properties either being built or coming on to the market, demand is extremely high at the moment. That means that if you’ve worried about how Brexit may affect your chances of selling your home, you needn’t.

Our current experience is that new properties coming on to the market are selling quickly and often for up to 20 per cent more than the asking prices in particularly popular areas. With that in mind, presenting your property to show it off in its very best light could lead to a quick sale at a great price.

Brexit is something that none of us can control so there’s little point in worrying about it – especially when, as we see it, there’s no direct link that suggests it will affect the UK’s housing market.

If you’ve considered marketing your home for sale, now really is a great time to take that consideration further, so why not drop in to your local Andrews branch, which can be found on King Street in Stroud, where the team will advise you on the likely value of your home, the local market conditions and how you can best present it to achieve a sale at the price you want. You can also visit our website for a wide range of advice and guidance on the house selling process: andrewsonline.co.uk