Brexit is 'surprising' and 'sad' say St Albans estate agents
PUBLISHED: 16:12 24 June 2016 | UPDATED: 15:08 27 June 2016
St Albans estate agents have labelled Britain's decision to leave the EU "sad" and "surprising".
But Adam Golder, managing director of JW&Co, is confident that the local property market will remain strong despite the inevitable changes Brexit will bring.
He said: “St Albans has increasingly been seen as a very desirable place to live, with great connections to London, over 50 schools and a diverse community.
“With increased interest from people moving out of London, demand is still outstripping supply – the real question is how to find price equilibrium.
“Today’s Brexit puts more onus on estate agents and property advisers to set realistic prices for sale, to keep abreast of market dynamics and to keep clients fully informed.”
With nearly 63 per cent of residents voting to Remain, Referendum results in St Albans reflect those in the capital, where almost 60 per cent of voters wanted to stay put.
Adam said: “Businesses and markets do not like uncertainty and the same is true within the property market.
“The London market is likely to continue to stagnate, other than for prime locations, but if the pound stays relatively weak, then foreign direct investment opportunities still exist.
“Stability and certainty is what is required and this will take a while.”
The lettings market is also likely to face changes, according to Gregory Moulton, managing director of Let Me Properties.
“We are sad to see that the nation has decided to leave the EU,” says Gregory.
“We fear that we will soon see a drop in tenant demand around the country and over time we fear that this will lead to lower standards in the private rented sector as a whole.
“Landlords and letting agents have been attacked from all sides recently, so we feel that this is the last thing that the UK needs, especially if it leads to another recession.
“We hope that as a nation we pull together and work hard to ensure that our economy continues to grow and that standards remain high in the rented property sector.”
On a national level, Adam thinks the property market will suffer an immediate negative short term impact.
He says: “There is likely to be a slowdown in transactions nationally, as people wait and see any likely correction in house prices, which may be more pronounced at the top end.
“However, with an uncertain investment arena, over the medium and long term, property has been an oasis of relative stability for investors and buyers – there are many investment and development opportunities as demand continues to outweigh supply.”