So where do we find ourselves property-wise after the Brexit result?
First, life goes on, the sun rises and falls, people move house.
Secondly, we reckon that the UK property market is overvalued by the tune of 3-12% – apologies for the broad range, but that covers just about everywhere that we cover south of Birmingham. Eg most UK residential property is slightly overvalued. ‘Slightly over-valued’ – up to 12%?! – yes, those who have gained the most from sharp recent rises have got to accept that they are the most likely to fall back a bit – but just remind yourself how much you ‘made’.
Thirdly, I presume that most of you are not property speculators – you are looking for the best home for you, for your family, for the future.
So, if you are thinking of moving, you need to act now by ringing your estate agent and starting to look at properties. You should also be speaking to family members, your accountant/financial advisor/mortgage broker and your solicitor as a matter of good practice.
But why now? Surely, it is going to take some time for the market to ‘adjust’?
The answer is that the market is always ‘adjusting’ – the biggest hit to the market over the last couple of years were the Stamp Duty changes in 2014. Those who worked through that particular adjustment, who sold well and bought well locally, are now sitting pretty.
The next pre-Brexit ‘adjustment’ will play out like this:
It a time of uncertainty and there are always opportunities during times of uncertainty. Smart, active movers will take the opportunity to sell well and buy well. There are thousands of people who need or want to move in Sussex. There should be a reasonable balance in the market between buyers and sellers and, as long as you are buying and selling within any particular economic and political cycle (and the next one is the length of the exit negotiations), you will be able to move with relative impunity.
You just need to get on with it.