As the Government debates the intricacies of Britain leaving the European Union, widely known as ‘Brexit’, local estate agents across the UK are experiencing mixed trends with regards to its impact so far.
From the responses received, following a recent survey conducted by Relocation Agent Network amongst its members – including Richard James – there was a relatively even split between agents that have already begun to experience market trends that can be attributed to Brexit (46%), and those that have not (54%).
When looking at regional differences, the survey found that more respondents from the South (67%) and South East (65%) had experienced an impact from Brexit, compared with other regions in the UK. The regions with the least respondents experiencing an impact from Brexit were those in the East Midlands (12.5%) and Yorkshire (14%).
A similar divide emerged when member respondents were asked if they were expecting Brexit to impact their local market in the next six months. 58% anticipated that the UK deciding to leave the EU will have an impact in the first half of the year, with 42% believing it will not.
When it comes to specific trends experienced as a result of Brexit, a quarter of member respondents reported a decrease in sellers entering the market. Whilst a decline in the number of prospective home buyers was cited by respondents as the second most significant trend that may be attributed to Brexit.
The Relocation Agent Network survey tells us is that there are strong regional differences with regards to the impact that Brexit is having on local markets across the UK. In Wellingborough, Irthlingborough & Rushden, we’re currently seeing little change in the number of prospective buyers registering.
“Despite the wider implications of Brexit however, we are seeing plenty of motivated buyers searching for the right property. We encourage sellers to continue with their plans to move, as springtime is only weeks away and is traditionally a popular time to enter the housing market, with 2017 being no exception. So contact us today, as Relocation Agent Network’s appointed Local Expert for East Northants, we have exclusive access to out of town buyers moving into the area.”