We’ve voted to leave the European Union. How is property being affected in the immediate aftermath?
What a crazy last 10 days it has been since the EU referendum held in the United Kingdom. Since the public voted to leave the European Union, we’ve had two political parties in meltdown, a serious threat of the UK being broken up and England losing to Iceland to go out of the football!
What about in the world of property?
The first 24 hours were quite panicky. Prospective buyers were trying to pull out of deals. The annoying tactic of gazundering was rearing its ugly head. In some cases, we heard of some silly numbers being banded around with buyers demanding the vendor drop the price by 30% due to Brexit. In most cases, the buyer pulled out but the vendor found another buyer relatively quickly.
The Great British Sell Off hasn’t happened… not yet!
The phrase on everyone’s lips now is article 50. As of the 23rd of June, nobody had ever heard of that but now we have the whole country deciding when we should activate article 50. Even my hairdresser thinks we should “do it yesterday!” He is, obviously, really keen to leave the EU.
But this is when we think the public will start noticing a much more sluggish property market. It will be much more marked than it is now, with a lot more property sticking on the market for longer. Some analysts argue that the slow down has begun, but it really is far too early to tell.
I want to sell my house because of Brexit
Those of you living in London will have seen the hard hitting headline in the Evening Standard. Is this self fulfilling prophecy about to become reality?
In moments like this, if you may be a vendor that wants to sell because of Brexit. We think you should take a deep breath and calm down. The world hasn’t collapsed – not yet anyway – and there are too many buyers right now for you to lose out.
If you still want to sell your property quickly to a cash buyer, then we are still in the market. We promise not to do any naughty gazundering and will be fair with our offer to you. Don’t hesitate to call us – remember that article 50 can be enacted at any moment ;-).