According to the Brexit hype, you'd think that we were on the brink of absolute collapse. However, in truth, one week on, the initial activity we are experiencing demonstrates that the UK property market is very much open for business. On the run-up to the referendum, the property market had certainly paused but in the aftermath, as a result of the market being agitated, we've experienced market stimulation - a pressure release of positive, and motivated, buyers and sellers.
Anecdotally, the feedback we've received from our clients is that Brexit hasn't had a major impact on their decision making. The country market remains strong and less volatile than the capital, where it's likely that we'll see price adjustments in the coming weeks.
Just this week (27th June-1st July) we've had five properties come to market in Cirencester with a similar amount of sales - nobody pulling back from the market. The same has been true of Bridport - five instructions, two exchanges and four market appraisals - and across the rest of our office network, where, on the whole, the market is buoyant.
We are now entering a busy time for ‘must movers’ who will be anxiously looking to move to suit their personal circumstances – upsizing, downsizing or moving for schools.
More tangible proof comes from the online environment, initially looking to have spiked over the past week. Google Trends suggesting a 12% increase in interest for 'houses for sale', the same level of interest previously seen in what we'd consider peak property season. Further still, on our own website, Humberts.com, we've seen far higher volumes of engaged property hunters year on year - 15% more visitors and 20% more page views than the same period in June 2015.
One week on, what's our opinion? It's still far too early to tell for sure, but as you can see, there is room for positivity. In the short term, there may be some pressures on pricing but we would anticipate that the property market in the areas we operate in will not be detrimentally impacted and, indeed, the long term picture looks exciting and full of opportunity.