Last week’s result on this country’s decision to leave the EU has been – understandably – the subject of much debate and speculation on ‘what next’?
As agents we are quite literally ‘on the High Street’ and as such, close to what I believe is the real market. Of course, much of the speculation has been negative but this is not supported by what is actually happening in the market place. We have been saying that there needs to be more accuracy in pricing for months, as a 10% jump in values across certain price bands since last summer cannot be sustained indefinitely. Any changes occurring in the market were and are taking place irrespective of Brexit.
I believe there is more speculation taking place within the industry than with the customers – be they buyers or sellers – and this has been backed up by the high levels of activity since last week, with contracts being exchanged on a number of deals as well as just normal trading including valuations, property coming to the market and new sales being agreed.
One client rang me to say he was concerned that the out vote may affect his business, but then went on to say a new site launch of five properties at the weekend, had resulted in all five houses being reserved!
I clearly remember in September 2008 being told the ‘worst was to come’. All I knew was that we were valuing, taking instructions to sell, agreeing deals and getting on with life. 2009 proved to be a record year for Mackenzie Smith.
Ed Mackenzie Smith
Managing Director
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