Housing market stabilises after post-Brexit wobble

The housing market has ‘bounced back’ following initial uncertainty in the days after the EU referendum, says a  residential property law expert.

Michael Foxford, partner at  Birchall Blackburn Law, said that it’s business as usual for house buyers across the North West and the demand in conveyancing is the same as before the vote.

His comments follow the release of statistics from comparison site Reallymoving.com which showed the number of transactions was down by 8% in the wake of the referendum result.

The analysis is based on the 35,000 people who registered for quotes for conveyancing, surveys and removals on reallymoving in the four weeks before and after the Brexit referendum.

Michael said while the figures do show a decrease, transactions have steadied out in recent weeks and some summer seasonal decline is expected.

He said: “In the first few days following the Brexit vote there was a combination of shock and uncertainty as people were concerned about the future and to some extent unsure about what the decision really meant.

“But this quickly bounced back and one month on since the referendum what we are seeing across the North West is it is business as usual in the housing market.

“People are still gearing up to buy, whether that is their first home or their next home and the lenders are showing no sign of slowing down, they aren’t showing any desire to exit the UK market.

“Now people have had a chance to reflect there is a realisation that nothing much has changed and really the landscape went back to normal almost immediately.

“Despite the decision the economy is in a strong position and there is a desire to buy property and there will continue to be a need to build houses to meet that demand.”