Since the vote to leave the EU, there is some evidence of a fall in business confidence but consumer confidence seems to be holding up.
Immediately after the referendum we reported that; “There is understandable market and political uncertainty whilst all sectors of the UK come to terms with the implications of this significant event. The property and financial markets are likely to be an early and high profile barometer of sentiment.”
There has been a downturn in activity in the London market which typically translates into a gradual lowering of activity in the regions. It has certainly affected the Oxfordshire market but the Gloucestershire market seems to be holding up better.
In our region, the three months since the vote have seen some reticence in the market but not the feared wholescale fall in house prices.
In Gloucestershire lower to middle market prices have been sustained and in some cases crept up. Prices at the upper end, where there is inevitably less activity have been more susceptible to any dip in confidence.
Oxfordshire generally has seen lower transactions but there is still high demand with prices remaining firm. We’ve seen an increase in “Best & Final Offers” in this period.
In our region there are still buyers out there but less property coming onto the market which may lead to lower activity in the near future but should ensure that values remain strong.
Our role as surveyors when valuing is to reflect the market not attempt to lead it. We use the best available comparable evidence and maintain good links with all our local estate agent colleagues in order to enable us to compile up-to-date evidence of sales in progress and any other market intelligence. As the negotiations over the eventual exit agreement continue over the next few years we are conscious that there may be some bumps along the way but at this point we do not envisage a major drop in the market.