It has undeniably been a turbulent few weeks on the political scene. However, there are several good reasons to be cheerful and we believe we should keep calm and carry on with business as usual.
There was a great deal of uncertainty in the housing market prior to the referendum which was compounded by David Cameron's sudden resignation and the prospect of a long and bruising leadership battle.
The result of the referendum is now known and the rapid coronation of Theresa May seems helpful, as it removes uncertainty. Her decisive appointment of several prominent 'leave' campaigners would appear to confirm the direction she intends to take.
Other factors which will help the property market include the Bank of England confirming that it has sufficient resources to step in and help the UK economy if required and interest rates remaining at the historically low rate of 0.5%. Also taking into account the continued demand and outstanding mortgage rates it seems unlikely that property prices will fall significantly. Despite April's tax increases on second homes, investors are still purchasing properties with the prospect of long term capital growth and Government initiatives and low deposit mortgages are also helping first time buyers.
It is said that you can judge an economy in part by its stock marketing and currency exchange rates and both have recovered significantly in the last week. We full expect that the volumne of transactions will return to normal in the coming months.
We believe that these are all reasons to be positive about the property market in this attractive and affluent area.
If you would like advice on any property related matter, please contact your local Mullucks. Wells office. We would be delighted to help.