Brexit – and the wider impact on the property market
We’ve been asked by a number of clients to offer our thoughts on Brexit – and the wider impact on the property market.
The Brighton & Hove, and surrounding areas, property market has always been in a unique position. Geographically cocooned between the sea and the Downs, the area’s been consistently popular for the last 200 years – since the days of the Prince Regent – and demand for property has consistently outstripped supply. The city has consistently re-invented itself and acts as a magnet for new residents, downsizers, second home owners, investors and landlords. The local property market is therefore exceptionally resilient to any shockwaves; protected by the layering effect of this broad source of buyers.
Therefore there is less need for us to offer advice on the wider UK property market. But what we can provide is our thoughts on the City and surrounding areas possible impact – Our cocoon.
We believe that it’s fair to say that we are likely to face a couple of weeks of uncertainty while the financial market finds its feet, probably followed by a couple of months of hesitation while everyone considers how it is impacting. Then, during the period the exit agreement is negotiated, over the next couple of years, we anticipate a steadying period of modest growth.
At the end of the day, life goes on. People will still buy, sell, have children, trade up, downsize, and pass away. Therefore we are confident that the property market in Brighton & Hove will continue to evolve. There may be some hesitation at first, but where one layer of buyer exits the market place others will step in to fill this void.
Useful? We hope so.