‘Business as usual’ for residential property market - Palmers Solicitors

‘Business as usual’ for residential property market

‘Business as usual’ for residential property market

Britain’s housing market is “back to business as usual”, according to mortgage brokers, conveyancers, estate agents, buyers and sellers.

Although the EU referendum result caused some would-be purchasers to either delay or pull out of transactions, according to a report in The Telegraph, housing commentators now confirm that “the majority” of deals agreed before the referendum are going through.

Jeremy Leaf, a former chairman of the Royal Institution of Chartered Surveyors and north London estate agent, said the so called “Brexit bombshell” came when prices were already slowing, especially in London, following the increase in stamp duty at the beginning of April.

This perception of an existing slowdown meant the market was “more resilient than we might have expected”, he said.

There was “a determination on the part of most customers to get back as close to normality as possible”.

Paul Smith, chief executive officer of Haart estate agents, said that the vast majority of buyers were now continuing with their purchases.

He said: “About a week after the decision, we’re starting to see the market settle and confidence returning.”

“The result has had no impact on website traffic or applicant figures, in fact the outcome may be resulting in opportunist buyers taking advantage of the situation by snapping up bargains caused by the uncertainty.”

Nicola Tubbs, an Associate Executive with Palmers, said: “The good news is that the residential property market appears to have lost very little confidence, following the referendum.

“The Bank of England has, this month, eased the amount of capital assets retail banks are expected to hold and this should have the beneficial effect of freeing up additional lending capability which will also hopefully provide easier access to mortgages and provide continued impetus to the market.”

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