Wednesday, April 21, 2021
Finance

UK housing market post-Brexit, according to estate agents

Estate agents say that the UK housing market is getting back to ‘business as usual’ after Britain’s vote to leave the EU.

Majority estate agents have positive outlook

Almost two thirds or 64% of the 172 estate agents surveyed do not support a Brexit plan or strategy, despite the UK’s uncertain future, a new research by Dezrez, a cloud-based estate agency software provider has revealed.

Last week’s High Court ruling that only parliament could start the process of leaving the EU is likely extend the period of uncertainty in the housing market. But more than half (53%) the number of agents surveyed are confident of no adverse impact. They insist no significant impact of Brexit on their business to date, while 40% admitted to some negative effect on business.

Likewise, 55% did not notice any change in property prices since the Brexit vote, while 37% noted some turbulence in prices leading to loss in sales.

Mixed reaction

Only 23% of respondents believed that Brexit would have a long-term impact on their businesses in the long term, while 43% believed business would remain as usual, with 34% not sure of the outcome.

Justin Morris, CEO, Dezrez said, “It’s fair to say there is still a picture of genuine uncertainty”.

“Looking on the bright side, the vast majority are unaffected, with a relatively small proportion seeing negative Brexit-related effects. The key will be how the markets respond once Article 50 is triggered.”

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