“The estate agent’s board went up in January, and at first appointments to view were brisk.
But as soon as David Cameron stood outside 10 Downing Street to announce the date of the referendum on Britain’s membership of the EU, interest waned and appointments have grown scarce.
The friends who are trying to sell their house in Leeds have, to their astonishment, found themselves caught up in the debate over a possible Brexit.
Follow-up calls to people who have viewed their house keep producing the same response – they are holding off major decisions until they see what happens, as they are concerned it might affect their employment.
Their estate agent tells them that a similar story is unfolding around other properties on his books.”
This is how an excellent piece by Andrew Vine in the Yorkshire Post starts.
His friends’ house, he says, is in a good area, on a pleasant street, immaculately maintained and within the catchment areas of excellent schools.
In normal times, it would have sold within days.
But thanks to the Brexit referendum the owners are becoming resigned to not selling until after the referendum.
There has been plenty of speculation as to whether the Brexit would have an effect on the market, and for every observation that it will, there has been another that it won’t.
Agents are in the best possible position to know.
Does this scenario in Leeds match what you are seeing?
Are buyers putting their plans on hold? Are they even withdrawing offers? Are sellers deciding not to come to market until after June 23?
Or are you finding that there is little to no difference?
Well, agents are the ones to know.
Brexit has three issues which the general public are going to have difficulty getting their heads around, so no surprise people will wait and see the outcome. #3 we all know is the real contention.
1. How will effect me directly?
2. How will effect me indirectly?
3. A matter of principle!
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Quite right, The main problem here is the uncertainty. The market always hates uncertainty so it will go off until the vote and then correct very unpleasantly if we vote to leave – not that that is the wrong decision (which it would be!) but because we would be entering a period of uncertainty.
Let’s get this over with asap and get back to a nice stable market.
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OK So on the Welsh boarders we are seeing a slow down on sale and lettings activity and normally we would be rushed off our feet.
But people still do need to move and whilst some are holding off others aren’t, it’s just a matter of discovering vendor & buyer motivation at the top of the conversation before you invest any effort.
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