Leamington agent rejects Brexit housing crash

Property demand

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Estate agents say there will not be a property market crash in the wake of Britain’s EU exit vote.

Situ Homes, a group which represents a group of five agents across the Midlands, said there is no need to expect a property market crash - with expectation levels will be back up “in a short time”.

Oliver Knight

Oliver Knight

Oliver Knight, director of Knight and Rennie in Leamington, and the Situ Homes collective, said it was “extremely unlikely” that buying and moving habits would be affected by the leave vote.

He said: “The remain campaign principally focused on the severe damage that would be wrought upon the economy if we did vote to leave, and much was said about the immediate and dramatic crash in share and house prices that would follow an exit. 

“The markets have plummeted this morning, this however is surely to be expected and I’d bet we’ll be back to yesterday’s levels in a short time.

“As far as the housing market goes, the pillars of limited supply, strong demand and strong job market all still remain. 

Andrew Oulsnam

Andrew Oulsnam

“In fact more than ever we see this brilliant little island will be seen as an ever greater haven for property investment from within and outside the EU. 

“It is extremely unlikely that the leave vote will affect the moving plans of most people, families will need larger houses, then smaller ones, young people will still fly the coup, and pensioners will still downsize.”

Situ chairman, Andrew Oulsnam said things may even improve certainty over the coming days and weeks.

“The uncertainty that has affected the market for the last four months is out of the way,” he said.

“There may be fluctuations for several days in the pound and stock market but it will soon settle down.

“Fundamentally we have a strong economy and there remains plenty of mortgage finance and there is a shortage of houses.

“I can see the housing market steadily returning to normal over the coming weeks and I do not see the rental market being affected with continuing steady growth there.”

Situ has 29 offices across the midlands including in Warwickshire and represents agents, Hunters; Knight & Rennie; Payne Associates; Maguire Jackson and Oulsnam.