So the great British public have spoken and decided after over 40 years to take the momentous decision to the leave the European Union.
But what does this now mean for the Cheadle and Stockport property market?
There has already been massed hysteria and a frenzy of speculation on the back of the Brexit vote. The FTSE100 markets wobbling, Sterling taking a huge hit against many currencies and as a consequence amidst the chaos prime minister David Cameron, falling on his sword! It has been quite a day in political history!
Many economists had predicted a huge drop in house prices if the decision was taken to leave the EU and in the run up to the vote there were signs the market was slowing down.
My view is nobody really knows what is going to happen! There will always be a need for property in both the private sale and rental markets – people will continue to move for schools, births, deaths, marriage, divorce, career and that will not change materially and unlike the huge fluctuations in the movement of the pound, the effect on house prices is more likely to be measured over the coming months, even years.
The reality is house prices are driven to a certain extent by economic factors, but more by supply and demand and providing both buyers and sellers hold their nerve and do not create an imbalance the market will stabilize pretty quickly over what is likely to be a pretty turbulent Summer as we step into the unknown, which can create uncertainty, which in turn leads to inertia!
Stockport, which incidentally was very firmly in the remain camp, is a thriving town both economically and socially and I don’t see any reason for the recent massive investment in the area not to continue! House prices have risen over 10% on average in SK8 in the last twelve months, so even with a little correction there should not be much of a ripple.
In fact there could be some real opportunities! Many savvy Buy to Let investors may turn their attention away from central London, which will invariably be hit hardest by the economic and financial uncertainty. Maybe cash rich investors will turn to the thriving markets of Manchester and Stockport to protect their capital investment.
The longer term future for the house building industry looks a little more uncertain as there could be a skill set shortage that might set back the Governments ambitious plan for more affordable housing to be built.
Lenders may also be reviewing their lending criteria but anybody in a reasonably well paid job with a sizeable deposit to put down, may find a Brexit market provides increased buying opportunities.
So as far as I am concerned it is business as usual in Cheadle – we have a full diary of viewings booked in for tomorrow, clearly the buying public at large seem unperturbed at least for now!
If you are currently on the market, it doesn’t matter which agent and you would just like to discuss Brexit and the possible implications for the sale of your home, please feel to call me in the strictest confidence on 0161 428 3663 or e-mail me with your questions firstname.lastname@example.org