Brexit – Yes or No - It’s Probably Not Good News For Home Sellers!

Fri 1 April 2016

Whether you are personally pro or anti Europe, the referendum on 23th June is likely to do nothing to help property sales this spring.

The newspapers and TV will be full of nothing else for the next few months – it is a subject that will dominate like no other. The Scottish referendum was eventually nick named the ‘Neverendum’, and it looks as if Brexit will be very much the same.

It doesn’t take much to unsettle the house market and just like every election year, the next few months are likely see a lot of economic and personal hesitation until it’s decided. If you are thinking of moving this spring however I’d be careful about delaying until it’s all over. Traditionally the two best house selling months of the year are May and June but that’s probably not going to be the case in 2016.

If the result is a vote to leave the European Union – and it’s too close to call at the moment, - then the pre referendum uncertainty might be nothing compared to the post referendum chaos that could ensue in the City until an exit strategy is agreed. The banks and financial institutions are key to the availability of funding for mortgages, and the house market in the south east of England is normally the main driver to house sales in this area, as cash rich buyers drift westwards. A full stop there will probably result in the same out in the sticks.

So the best advice probably has to be get on with it as soon as you can, - if you want to sell in 2016. The best month to find a buyer this year might well be April.

Ryan Williams FRICS – Hay Office (01497) 820778