#Brexit – Britain votes to leave the European Union

The waiting game is over and the uncertainty over Brexit, which in recent weeks has caused the market to slow down in terms of transactions, with a wait and see attitude, is now over. Britain has voted to leave the European Union.

Brendan Cox, Managing Director of Waterfords comment on what is considered one of the most important decisions for a generation.

“Thank goodness it’s all over.  There is no doubt that the uncertainty prior to the referendum resulted in a short-term drop in demand, which subsequently impacted property prices.  Whilst there is likely to be a brief period of volatility as markets adjust in immediate response, now we know for certain which way the country has voted I am confident that the strength of our economy, which is faring considerably better than many others in Europe and the World, will be sufficient to sustain a strong property market. 

House prices are governed by supply and demand and aspiration for home ownership will not fade following a decision for leave the EU, nor is it likely that a torrent of new houses will suddenly come to the market. We know from analysing our Rightmove activity in the months leading up to the referendum that views on our listings grew exponentially from 2.2 million in February to 3 million by May (34% increase). Interestingly, telephone enquiries over the same period dropped by 34%. 

Therefore, we know the demand is there and growing, and the short-term drop in house prices was as a result of a dip in demand fed by political uncertainty. Whilst caution may continue in the short term, I believe it is possible this could be followed by a period of growth for the market, as those who have held off decide to make a move.

In terms of interest rates, arguments from both sides of the fence used a sharp rate increase as a vote against their opposition, with some reports claiming Brexit would see interest rates return to the heady days of the mid-90s.  In fact, with inflation remaining close to its all-time low last month, predictions for an interest rate rise have been pushed back even further.  Even if inflation rises, any future interest rate rise will be gradual and based on economic performance.

Uncertainty holts progress. Now we know the outcome, the country cannot stand still and await the impact of change.  We must move forward and ensure our country thrives independently.”

Breaking News via: Helen Evison Helen@theinhouseway.co.uk

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

You May Also Enjoy

Breaking News

FMB Supports Construction Leadership Council’s Health and Wellbeing Strategy

The Construction Leadership Council (CLC) Health, Safety and Wellbeing Strategy is a welcome and much needed new initiative to help drive industry change, says the Federation of Master Builders (FMB). The FMB’s CEO Brian Berry has joined more than 140 industry leaders at the Construction Leadership Council’s launch of its comprehensive Health, Safety and Wellbeing…
Read More
Clacton on Sea cash injection
Breaking News

20% Property Premium to Live Beside Britain’s Best Beaches

The latest research from eXp UK has found that homebuyers hoping to live by one of Britain’s best beaches can expect to pay almost 20% more on average compared to the wider local market, amounting to a seaside property premium of over £46,000. The research* by eXp UK analysed property prices in postcode districts surrounding…
Read More
Breaking News

Houseboats hand London homebuyers 57% saving

Houseboats hand London homebuyers 57% saving versus bricks and mortar The latest research from Benham and Reeves has found that London homebuyers could save as much as 57% on their property purchase by choosing a houseboat over a traditional bricks and mortar home, with the average cost of a houseboat across the capital coming in…
Read More
Breaking News

Silverstone fails to take pole when it comes to race track property premiums

The latest research from Yopa has found that while Silverstone may be the spiritual home of British motorsport and host of this weekend’s Formula 1 Grand Prix, it is far from the most prestigious racing venue when it comes to local property prices. In fact, homes near other race circuits across Britain command far higher…
Read More
Breaking News

Section 8 Reforms: What Landlords Need to Know About Longer Notice Periods and Stricter Rules

By Allison Thompson, National Lettings Managing Director, LRG As the Renters’ Rights Bill continues its progress through the House of Lords, landlords should be preparing for a much tighter framework around possession. One of the most significant changes proposed is the reform of Section 8, the legal route for regaining possession where a specific reason…
Read More
New Build for Merseyside
Breaking News

British new-build demand sees quarterly decline

The latest new-build market insight from Property Inspect has revealed that buyer demand for new-build homes remained largely static between the first and second quarter of this year, although buyer appetites for new homes remained robust in a number of major cities. The New-Build Demand Index (Q2 2025) from Property Inspect provides a view of…
Read More