It’s little more than a year ago the nation was tippy toeing around what impact the outcome of the General Election would have on the property market and here we are again, as the EU Referendum on June 23 looms, wondering ‘what if?’
This should come as no surprise as significant national events such as elections and, in this case, referendums bring with them a certain level of uncertainty. No-one can predict with absolute certainty what the outcome will be and polls shift from one day to the next. Indeed, no-one quite foresaw what the election last year would result in.
However, for anyone considering the sale or purchase of a property, should the forthcoming vote be reason enough to feel jittery?
Any level of uncertainty affects confidence and given that for most, purchasing a property (whether for personal need as a home or as a financial investment) is the greatest expenditure they’ll ever undertake, this is understandable.
However, it is wise to not lose sight of the fact that the property market always has, and no doubt always will, go through cycles of slowdown and boom. Indeed, ahead of the vote on June 23 the market is currently experiencing a slight slowdown in the market – but don’t panic.
At times like this, commentary abounds from ‘experts’ who will tell you that one outcome will result in a positive way forward, whilst the opposite outcome will signal doom and gloom. At the exact same time, other ‘experts’ will tell you almost the polar opposite. So who do you believe?
Given that uncertainty affects confidence, a result which sees the UK remain in the EU is likely to mean that the market rebounds relatively quickly as the status quo is reinstated. However, that is not to say that a decision to leave the EU will ring the bells of doom and gloom for the property market.
Some commentators predict that in this scenario the market could take up to two years to regain its pre-Brexit status, whilst others focus on the resoluteness of the UK market and believe it won’t take long at all to bounce back.
Whether purchasing a property as a home or purely as an investment, it is likely that you’ll have a relatively medium to long-term vision on any potential financial returns. In that respect perhaps the ‘what ifs’ at this moment in time present an opportunity: simply post-June 23rd the main question will be answered and at least most of the uncertainty will be dealt with.
The speed with which the market starts to push forward again is impossible to predict but it almost certainly will. That means that now may in fact be a good time to invest and see that investment start to grow once the uncertainty passes.
If the EU Referendum is leaving you with worries or concerns around how it will affect a property sale or purchase, then why no visit your local Andrews branch where the team will be able to advise on how the local market is fairing; where sound investment opportunities lie and how to navigate through the current uncertainty with a positive outcome.