Despite predictions that the housing market would slump in the wake of the Brexit vote, estate agents locally are reporting that the reality is quite different. St Albans based firm Leaders has reported a boost in viewings for properties in the area with agreed sales and exchanges all going through as planned. They have also reported that the levels of expected sales remain the same with little or no sales falling through as a result of the decision to leave the EU.
Early indications seem to be that people for the most part just want to get on with business, whether as a vendor or a purchaser and whilst things may have been a little stagnant before the vote people now want to get moving – literally!
All this is good news for the local industry as there were concerns initially that people may stay put. Understandably some were waiting for the outcome before making any big decisions about their futures but now people want to make the best of the situation.
This local news seems to support the recent report from the Office of National Statistics showing that the UK economy grew in the months April to June by 0.6%. Their opinion was that the impact of Brexit was ‘limited’ and again supports the view that things may not be as bad as some expected thus far.
Property resilience in Hertfordshire is not only good for the local economy but it’s also good for wider businesses that support movers locally too. There is also plenty of new housing and developments for buyers to choose from in Hertfordshire and the surrounding areas to help bring people to the area as well as move within it.
Counties surrounding London were already doing well in terms of property so the news that this is likely to continue to grow is welcome. What the area boasts is that although property prices have increased in recent years there is a buoyant market for all kinds of buyers including first time buyers. With central London itself largely pricing people out of the market for home buying it is positive news that the commuter areas are driving growth and offering opportunities for all.
Despite the negative connotations that Brexit has given in recent weeks it seems that local people are determined to make the best of it. Key to navigating future rocky waters could well lie in the success of local economies, particularly in relation to property. Staying positive and seeing the best that the local counties have to offer is essential in maintaining momentum gained prior to the vote. It is encouraging to note that the impact at this point is considerably less than predicted.