Six months on from the vote – What is the impact of Brexit on the local property market?16th January 2017 3:32 pm Leave your thoughts
So, this is a question that many people have asked me and I am sure it is in the minds of countless residents, investment buyers and businesses in and around the local area.
Personally, the most noteworthy effect that I have seen is individuals wanting to move house and, more significantly, investment buyers applying more caution when making decisions whether or not to buy and if so, what prices to offer. Some consider there to be a financial risk of investing at this time, however, many, arguably sensibly, are looking at the lucrative long term gain rather than concentrating on potential short term risk. Even those relying on, or hoping for, a short term return seem prepared to take the potential risk of not getting one in the faith that they can reasonably expect a substantial long term financial reward. This faith, amongst other factors, is largely based on the promise of massive regeneration plans for Maidenhead.
We at Colemans certainly haven’t seen the number of new instructions decline since the 23rd June and we have had a good summer this year. We have even increased our residential property department to service the demand for residential property services in the area.
Published statistics have shown that house prices in Maidenhead have risen by more than 16% in the last 18 months despite the changes in the stamp duty, impacting on investment buyers, and of course the Brexit vote. In the last month, property values in the Royal Borough of Windsor and Maidenhead have risen by 0.7% and some may argue that an undersupply in housing means that house prices are going to increase further in the medium to long term, even if there is no significant change in the short term. I am aware of the many plans for Maidenhead to build more housing and it has also been noted that in fact the number of available properties for sale is at its highest level this year with a 19% increase since the beginning of the year.
In spite of the plans for the regeneration of and construction of new housing in Maidenhead over the next few years and with the rise in available properties for sale over the current year, apparently, new house building in Maidenhead has taken a huge tumble and it can be argued that not enough is being done to boost the Maidenhead property market. Clearly there are many different subjective views relating to the local property market and it is obviously very difficult to predict what will happen over the coming months.
In my view, it is reasonable to consider that the regeneration and new housing plans for Maidenhead will encourage the local housing market to remain buoyant during uncertain times with continued positive decisions to make investments and concentrate on long term gain. It is safe to say that there is still a lot going on in the local property market and, although the vote has had some impact on confidence, we can hopefully rest assured that confidence will grow in the coming months and the local housing market will gain strength in the coming year.
For more information, if you are buying or selling your home or considering an investment purchase, please contact me by email email@example.com or give me a call on 01628 631 051.
Louise is the Head of Colemans’ expanding and well-regarded Residential Property Department. Louise trained with Colemans and in her former life she gained several years of valuable residential property experience working across the South East, including at a top 50 firm. Colemans are proud that a large proportion of our new instructions in this department are referrals from existing or former clients or from the local estate agents. This is in no small part thanks to Louise’s efforts to ensure that everyone in the department is proactive where possible and responsive to their clients’ needs. Louise encourages everyone in the department to ensure that our clients get a first-rate service and that we take the stress out of moving home as much as we can!
This post was written by Colemans Solicitors LLP