Post Brexit and Election Housing Nerves?

06th Jul 2017 Post Brexit and Election Housing Nerves?

The last 12 months have seen the vote for Brexit in the referendum together with a general election resulting in a Parliament with no overall majority. The conventional wisdom has always been that the markets do not like uncertainty. However, that wisdom has failed to apply to the local housing market in and around Midsomer Norton, Paulton, Radstock and beyond.

We have been buying and selling homes for our clients for nearly 250 years, so we have a good idea of what is happening on the ground in the local property scene. Rebecca Robinson of our Residential Property team comments:

‘Business may be affected by the uncertainties of Brexit, but the local housing market has remained reasonably buoyant,’ says Rebecca. ‘This is the case not only for the properties that we are buying and selling for clients in Bath, but also in the outlying areas as well.’

Rebecca reports a downturn in the purchase of Buy To Lets, but she attributes this to the recent tax changes affecting private landlords.

‘Just days after the Queen’s Speech, we remain busy and have seen no slackening in the number of new instructions,’ adds Rebecca. ‘New builds rarely remain long on the market and three bedroom homes are like gold dust. What is interesting around Midsomer Norton and Radstock is the big demand for older homes, from Victorian to 1930’s builds.’

‘What is also heartening is that the first time buyers have certainly not disappeared from the market,’ says Rebecca. ‘The government’s Help To Buy ISA has certainly helped in this regard. At the end of the day, whatever is happening in Brussels or Westminster, I really do think that the underlying story is that people still do need to move house, for many different reasons. The housing market may be different in London and elsewhere, but at least around here, at least for the present, there does not appear to be any post Brexit or election nerves.’

For more information Rebecca can be contacted on 01761 414646.

*This article is current as of the date of its publication and does not necessarily reflect the present state of the law or relevant regulation.