Looking for the post-Brexit calm after the storm
As the fallout continues after the recent EU referendum, it’s fair to say that there’s plenty of confusion still in the air. Despite reassurances from some politicians and warnings of chaos from others, the UK population faces an uncertain time, at least until things settle down again.
The housing market may not change at all in the wake of this momentous decision, but even if it does the alterations are likely to come slowly. There are some politicians who have been predicting an almost apocalyptic world in the first few weeks of the new era, but in truth such claims are likely to be little more than misguided guesses.
There’s a good chance that the market will react slowly to any changes that are likely to come along, if only because we are entering an era that is completely new ground to us. The UK has been a part of the European Union for more than 40 years now, so a post-Union period will take a little getting used to.
No-one knows what the future holds…yet
The fact that the referendum result was so close (51.9% to 48.1%) means we are likely to be treading water for some time yet. At this early stage, there is even talk of having another referendum in a bid to give either side a sizable majority, and in turn to dispel any doubts among the electorate.
In the early hours of Friday when the final result was announced, the country was split between wild euphoria and abject depression. During such times we look to the economy to see how such decisions have been taken, and that means the housing sector will be under close scrutiny by experts and the general public alike.
Once the dust settles, we’re likely to see a housing market that will still react rather slowly to the ups and downs of the economy. There is very little chance of an instant boom or a sudden dip, so if you’re looking to buy houses in the local area there is no need to change your plans.
In the aftermath of such a momentous political decision, it’s important to separate the reality of what has happened from the sometimes outrageous claims of politicians with vested interests. Hopefully, we will start to hear some calmer opinions in the next few weeks, and then at last we will be able to see clearly through the mists of uncertainty.