Industry chief says No Deal is worst outcome as London prices drop 20%

The British Property Federation has made an outspoken intervention into the Brexit debate, telling politicians that No Deal is the worst possible outcome.

Via its Twitter account and at a seminar addressed by federation chief Melanie Leech, the BPF stated: “We are all looking to our politicians for leadership. 

“The property sector stands united with other business sectors in stressing that a No Deal is the worst outcome – but we need a clear alternative to provide the clarity on which investment decisions today, for the long-term health of the UK, can be based.

“While far from perfect, the current proposed Withdrawal Agreement provides a basis on which to plan and is at present the only credible option in town.

"Those who oppose parts of it must work with the government to find a way through or come forward with a credible alternative which is likely to gain support not only within the UK but with the EU27.”

Meanwhile in prime central London - the area of the country where the housing market is most drastically affected by Brexit according to many agents - one buying company says dramatic price falls have presented “excellent opportunities” to buyers. 

Sara Ransom of Stacks Property Search says: “We have recently agreed purchases of 20 per cent and 22 per cent below asking price, as clients seize an opportunity.

“Buyers waiting for a Brexit decision may miss a trick. Having said this, understanding prices and the market could not be more important at the moment and whilst there are opportunities out there, there is very little new stock coming to the market. 

“There is also a pent-up demand from more than two years of uncertainty which is likely to be released the minute any form of decision is made in Westminster - and irrespective of the outcome.

“Whilst it is unlikely that prices will suddenly climb dramatically, it is likely that vendors post March 29 will ask some rather ambitious prices as they hope that holding off from selling will pay dividends. So if you’ve been thinking of buying, now could be the best moment for some time to come – before demand increases, and vendors start asking inflated prices.”