Analysis from Jackson-Stops & Staff shows the immediate aftermath of the Brexit decision has not impacted supply and demand in the UK property market—but the estate agency says the full impact of Brexit will become apparent by autumn this year.
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On the day the Brexit decision was announced, Jackson-Stops & Staff analysed over 750,000 properties for sale in the UK and discovered 41.5% were already under offer. A week later, 39.9% of properties for sale were under offer; the proportion is largely unchanged, indicating the forces driving decisions to buy and sell are unaffected. In addition, the number of properties on the market has increased by more than 21,000 since the Brexit decision.
Jackson-Stops & Staff chairman Nick Leeming says the level of demand vs. supply has remained static, showing that in the short term, buyers and sellers are still being driven by the normal catalysts for entering the property market. The true impact of the Brexit decision will only become apparent once we have navigated through the normally quieter summer months and a new Prime Minister is in place. There could even be some emerging positives in this time—lower interest rates may mean enhanced affordability and central London offices might benefit from the favourable exchange rate encouraging international buyers.
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