As the dust of the Brexit vote starts to settle, only to be whipped up again by more high profile resignations and revelations, we are left asking what will happen now to the property market.
Whilst the level of uncertainty with the FTSE and the Pound Sterling against the Euro and dollar, the fate of the property market is more of a sure thing!
I know for certain that based on Maslow’s hierarchy of needs that people have basic needs that need to be addressed. One of these fundamental needs is as basic as everyone needs somewhere to live. So to my mind no matter what is going on around with the political uncertainty at the moment, people still are going to need a home. Whether that home is in the private sector through home ownership or through the private rental sector, the basic need for a home remains.
So while industry experts will state that there is now a lull in the market, to be honest we expected that! This was forecasted earlier this year based on the Buy to Let Bubble as investors and potential second home owners scrabbled to complete their purchases before the April deadline for increasing stamp duty to 3%. March sales completion figures exceeded all expectations and July and August would traditionally be quieter times for property sales anyway.
So while there may be some slowing of markets such as London growth figures, predictions are relatively upbeat for the rest of the year.
With none of the factors around which dragged us into the last recession, talk of interest rate reductions and other market stimulants may indeed make property a great investment during times of other uncertainty.