St Albans property market remains 'resilient' says local agent

PUBLISHED: 09:00 11 July 2016

Latest figures show increased mortgage choice and better rates post-Brexit

Latest figures show increased mortgage choice and better rates post-Brexit

Archant

Fears of an extreme downturn in the local property market following the EU Referendum have been unfounded, according to a local estate agent.

A fortnight after Britain voted out of Europe. Nick Doyle, Operations Director of Aitchisons, says that things are looking far brighter than many had feared.

He said: “Two weeks have now elapsed since the Brexit vote and, on the whole, buyers and sellers have adopted a more pragmatic approach and reports of a demise have been greatly exaggerated as the local housing market remains resilient.

“The clear majority of the St Albans public voted to remain in the EU with a large turnout of 82 per cent, and the subsequent political fallout has been spectacular.”

Nick confirms that some local sales have fallen through as a result of the vote, adding: “The uncertainty has been felt, although the idiom Brexcuses has also surfaced and a cluster of buyers decided the timing of their move required reassessing.

“However, the stock market is now back at pre-Brexit levels and there are strong suggestions interest rates may be reduced. Clearly, any further impact requires more time to be measured accurately and the traditionally quieter summer months may also distort the overall picture.”

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