The world post Brexit- what’s happened to the East Midlands property market?

Straight from the desk of one of Osprey Sales & Lettings’ Directors- Rob Brown:

East Midlands residential market post brexit:
Now the dust seems to have settled post the shock of brexit, and 6 + months after the referendum we are able to gauge the impact the brexit vote and subsequent political ramifications have had on the property market.

Despite the projection by some commentators of house price falls or crashes there appears to have been very little negative impact on our local market. There was certainly in the month or two after the vote a degree of price “chipping” going on, and bids were in some cases negotiated down c10% but that short period of uncertainty and panic quickly evaporated and we are back to the stable, good quality market of pre Brexit.

Uncertainty never helps the property market, but although longer term forecasts may have been revised down marginally, it is only marginal. The case for investment into residential property is as strong as ever. In the London market there is the conflict of potential loss of city jobs versus the potential gain of international investment (from the weaker pound). However, outside London there is less of an effect, and in our opinion there is nothing that has derailed the longer term potential for capital appreciation.
Investors understand property, whilst many do not understand (nor trust) other asset classes.

Interest rates have fallen a small amount more, which although a small fall is indicative that the low interest rate environment is likely to remain for the next 5+ years. There is the huge supply/demand problem, and a large number of potential tenants. We remain very positive of residential investment over the next 3-5 years.

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