SALES NEWS: Brexit: Market Stability Likely To Return Soon
The UK’s vote to leave the European Union and the resignation of David Cameron – surprising as they were to many – have not in themselves changed the housing market.
Indeed, the uncertainty in months leading up to the vote are at least now at an end, meaning buying and selling in particular can begin to return to more normal times again.
In a bid to steady financial markets and mortgage lenders, the Bank of England says it will “take all necessary steps to meet its responsibilities for monetary and financial stability”. That will provide some security against unexpected and violent market movements.
What is more, leaving the EU will take at least two years from when the new prime minister begins negotiations in the autumn – so there will be no overnight change to the economy.
Likewise there will be no immediate change to immigration rules. As migrant tenants form a significant part of the lettings market across the UK – including in parts of the west country – there will be no sudden change.
Most observers say a short-term period of uncertainty will follow, lasting perhaps only days, before markets acclimatize to the referendum decision.
At East of Exe we are on hand to answer any questions you may have, but we believe the dramatic headlines will shortly give way to a stable market once again.