Leading local estate agent Mullucks Wells is advising its clients to “keep calm and carry on”, following the vote to leave the European Union three weeks ago.
The company’s comments follow concerns about the state of the UK economy, as well as interest rates being left on hold, rather than lowered to 0.25% today, as had been widely expected.
Residential Director William Wells said: “It has undeniably been a turbulent few weeks on the political scene. However, there are several very good reasons to be cheerful, and we should all keep calm and carry on with business as usual.”
In particular, Mr Wells outlined three ‘reasons to be cheerful’. He explained: “Firstly, it has to be said that some of the uncertainty prior to the referendum was over whether Britain would vote to leave or remain in the EU. At least we now know the result, and Theresa May has confirmed more than once that ‘Brexit means Brexit’.
“Secondly, David Cameron’s sudden resignation added a further layer of uncertainty, coupled with the prospect of a long and bruising leadership battle well into the second week of September. But Teresa May’s rapid coronation as Prime Minister, and the appointment of several prominent ‘Leave’ campaigners into her cabinet, both indicate very clearly the direction she seems determined to take.
“Finally, the Bank of England has already made it apparent that it has the will and resources to step in and help the UK economy, as and when required. Although interest rates were left unchanged at 0.5% today, they are already at historically low levels, and there is every indication that they could be reduced still further next month.
“What’s more, the Monetary Policy Committee has raised its expectation for economic growth in the three months to June to 0.5% from a previous forecast of 0.3%.
“So interest rates could conceivably remain at rock bottom for the next five to 10 years – which means people’s mortgages will remain lower for longer."