Expect the unexpected post Brexit
Sep 07, 2016
Perhaps one lesson from post Brexit life is that we should expect the unexpected and embrace the unknown.
At a corporate level the pre-Brexit concerns were obvious and the immediate post Brexit situation seemed catastrophic accordng to many commentators, however, the trading during August in residential house sales provided insight into unexpected and very positive trends. During July one key indicator of buyer confidence was the fact that new sales agreed across all of our branches showed at the time that an average of 99% of the guide price being negotiated, compared to 97.6% of the guide price being negotiated during the first week post Brexit. Building on this August followed thought with storming results across three areas.
During August trading in town locations were definitely on the up and our Fleet branch underpinned this with a best ever sales arranged result for an August by arranging deals on £10,448,000 worth of property.
Country property also felt the positive mood, especially with the influx of buyers from America making some impact, as per the example of a £1.475m. country house sale in Hurst Berkshire which swiftly went from sale arranged to exchange with a buyer from America.
The final notable trend was an uplift in viewings and interest in properties for sale above £3.0m., a market sector which is long overdue a positive uplift with buyer activity.
The level of buyer confidence and increased demand in top end sales, combined with positive economic news on the wider economy front, is I hope a positive signpost to a bright and resilient post-Brexit UK.
John Holden - Chairman and Managing Director