Leading local Chartered estate agent and auctioneer Nick Cragg of Country Property based in Chipping Sodbury reports that Agency and other property shares that have been buffeted since the referendum have now stabilized - in most cases making gains, suggesting the initial Brexit panic may be easing.
Data from Your Move and Reeds Rains for May, suggests average prices slumped 0.4 per cent in just the one month - well before the EU referendum result.
“The Brexit result won’t change the fact that huge numbers of aspiring first-timers want to buy a first home. Very few people will want to put their lives on hold for two years whilst renegotiations over the EU have been completed” says Nick. “This will maintain a base in the local property market, so you can be assured that life will go on”.
The NAEA Housing Market Report for May 2016 shows there was a glimmer of hope for first time buyers, with the number of sales to first time buyers showing a slight increase of around one per cent. “We sold a property on Referendum day to first time buyers, and the rental market is carrying on regardless as people continue to live and work” says Nick.
We at Country Property Sales Auctions and Lettings are optimistic about the future, and have embraced the opportunity of moving forward during exciting times unleashed by recent events. Nick added “The property market has suffered from changes in policy several times during the past 40 years, but eventually the market recovers and life goes on. So rather than wait by getting bogged down with politics, let’s embrace the opportunities and Carry on Regardless”.