Agents talk up market as Brexit uncertainty starts to recede at last

Estate agents from around the country are reporting only limited damage to business or prices caused by the Brexit result of the EU referendum two weeks ago.

A survey of 132 agents and clients by property software firm DezRez - conducted a week ago when the impact of the referendum was arguably more stark than today - shows that 53 per cent had seen no effect from the Brexit result, and five per cent had actually seen an increase in activity.

Some 52 per cent expected some eventual impact in the form of some vendors or buyers pulling out of deals - although only a third felt this would mean that overall there would be less stock on the market as a while.

The Thomas Morris agency, operating across Cambridgeshire, Bedfordshire and Hertfordshire, claims a a surge in offers since the vote. Last Thursday, June 30, it saysthere were seven offers on properties accepted, around a 30 per cent increase on any given day at the same time in the previous month.

On average, offers across their seven branches are currently within five of the asking price with some offers-over. 

“This is still very early days, and things will change over the coming weeks and months. However, where people need to move they will move and so far values haven’t dropped” claims Simon Bradbury, Thomas Morris director.

James Clarke of Plymouth’s Lang Town and Country agency is quoted in local media as saying: "I can only see the market slowing down if interest rates increase. But articles I have been reading report a further cut to interest rates is on the horizon and they are already at an all-time low. I can't see a slow down for demand of property to buy. I believe it will stay relatively stable."

At Tunbridge Wells in Kent, Heather Cernis of Jackson-Stops & Staff says both buyers and sellers have been pragmatic over the past two weeks. 

“All transactions are progressing and on course. Post-Brexit, we have had a steady flow of new instructions and requests for market appraisals” she says.

The UK’s largest residential auctioneer Auction House says uncertainty has had only limited effect so far; its June figures were similar to those in 2015, although July is showing a five per cent dip so far. 

Founding director Roger Lake admits challenging times lay ahead but says the negative impact of Brexit may be short-lived: “Entries for July are steady with the total projected to be only five per cent down on last year. We are now trading in a climate of opportunity and I expect the repercussions of Brexit to be quickly accommodated.”

But he cautions: “No doubt there are uncertainties on the horizon.”

A Surrey-based property law firm, The Partnership, claims only two out of 600 sales currently being processed have fallen through - a lower number than usual.