In the two weeks or so since the UK decided to exit the European Union (EU), there have been some fears about the long-term effect the result of the referendum would mean for the property market. Many have worried that the uncertainty in evidence now would transform into long-term oversupply and falling prices.
However, one expert has said that the effects will actually be far more short lived, which will be good news for investors.
Richard Reed, head of property at John Pye Property, told the Nottingham Post that while uncertainty has been the flavour of the week in the last two weeks, and even before the referendum, the market will recover quickly from what has been short-term turbulence.
The underlying health of the sector should see this forecast come true, with demand from the rental market likely to continue unabated, and investors still looking to purchase as a result.
In fact, so confident are buyers across the globe that even though British property is in a slower state than normal at the moment, many from overseas are still piling money into the sector as they see the chance to get more for their money in what will be a long-term successful marketplace for years to come.
“It’s no surprise that the decision for England to leave the EU will create uncertainty in the market but we are confident that this will be short-lived.”
He said that even though there was a blip in late June, it’s been encouraging to see that many sellers are already returning to the market in July, with stock levels starting to climb again even in the first week of the month.
“Equally, there has been substantial number of enquiries from buyers, keen to secure their next property investment,” he added, showing that even though there have been predictions of doom and gloom, and the finance sector has been badly struck, property in the UK still has that aura of health and potential around it that has helped it become one of the best asset classes around, and it looks like it could stay that way for years to come.