Global markets have plunged, David Cameron has announced that he is to step down as Prime Minister later this year, sterling has crumbled to a 31-year low against the dollar, but what is all the fuss about?
Just because the UK voted to leave the European Union in a historic referendum does not mean that investors should suddenly stop investing in the UK housing market, according to one of the largest estate agents in the country.
“I strongly believe that in six months, if not before, we’ll be looking back and wondering what the fuss was all about,” said Peter Kavanagh, managing director at Romans.
Despite what he described as the “media’s scaremongering”, Kavanagh insists that life must go on and that the reasons why people will still need to move now or in the future are very unlikely to have changed.
“Understandably, buyers who don’t have an immediate reason to move may sit back for a few weeks and see what, if anything, happens. However, most of our customers have real reasons to move sooner rather than later, and don’t want to lose their dream home or delay their move because of a bit of uncertainty,” he added.
Despite greater volatility in the market, Kavanagh’s colleague, Michael Cook, lettings managing director at Romans, also believes that longer term prospects for the housing market continue to look promising and is urging investors to take advantage of existing conditions in the market.
“With demand continuing to exceed supply, economists are predicting on-going house price rises and strong rental yield growth over the next five to 10 years,” he said. “[This should be] attracting more investors to purchase buy-to-let properties.”