WHILE the UK’s vote to leave the EU sends shockwaves across the globe, in the Midlands, estate agents are urging the public not to panic, saying there is no need to expect a property market crash.
Speaking collectively as Situ Homes, that’s the view of 5 of the biggest estate agents in the region, across Warwickshire, Worcestershire, Staffordshire, the Cotswolds and the West Midlands.
Oliver Knight, Director of Knight & Rennie, Sheldon Bosley Knight and of Situ Homes, comments:
“We have decided that the ties that bind us together are – after 43 years – no longer strong enough for the people of Britain to remain in the EU. The EU, born out of a need for greater security and simplified trade agreements has for many people become an expensive membership to a club whose benefits simply no longer outweigh the downsides.
“The remain campaign principally focused on the severe damage that would be wrought upon the economy if we did vote to leave, and much was said about the immediate and dramatic crash in share and house prices that would follow an exit. The markets have plummeted this morning, this however is surely to be expected and I’d bet we’ll be back to yesterday’s levels in a short time.
“As far as the housing market goes, the pillars of limited supply, strong demand and strong job market all still remain. In fact more than ever we see this brilliant little Island will be seen as an ever greater haven for property investment from within and outside the EU. It is extremely unlikely that the leave vote will affect the moving plans of most people, families will need larger houses, then smaller ones, young people will still fly the coup, and pensioners will still downsize.
“Of course in the immediate aftermath of the leave vote there will be some indecision and waiting to see what happens next, but that will just translate to pent up demand when we all realise that not only will we survive leaving the EU, it could actually be rather a good thing.”
Andrew Oulsnam, Chairman of Situ and Director of Robert Oulsnam and Company, is urging his staff to remain positive.
“The uncertainty that has affected the market for the last four months is out of the way. There may be fluctuations for several days in the pound and stock market but it will soon settle down. Fundamentally we have a strong economy and there remains plenty of mortgage finance and there is a shortage of houses. I can see the housing market steadily returning to normal over the coming weeks and I do not see the rental market being affected with continuing steady growth there.”