How is Brexit impacting the Bath property market
There have been many ‘project fear’ messages surrounding the Brexit decision and what will, may and won’t happen. If the last few days prove anything, nothing can be predicted and therefore we take each day as it comes. What we can say is that business is as usual in Bath and we are calling all our clients to remain calm.
There is no doubt that the market is different to last week that is inevitable, however we are still booking plenty of viewings and receiving offers from serious buyers. Our lettings team have also been extremely busy; they have agreed more that 20 lets in June, 6 of which have been in the last 3 days. Investing in Bath property for the long term is still very much a viable option, particularly for overseas buyers who are getting a extremely good exchange rate at present.
Bath has a strong and stable property market which has always been popular with overseas investors who see it as and exciting alternative to London. London has seen an influx of overseas investors taking advantage of the current currency changes to purchase property in the wealthiest areas of our capital at a discount. In turn, we have also seen an increase of the number of overseas investors who are turning their eye to the Bath market. Many see Bath as a stronger proposition due to our, lower than the capital, property prices, the planned electrification creating fast links to London and the stability of the market.
Regardless of the speculation in the news, Mark Hayward, managing director of the National Association of Estate Agents stated this weekend in the Mail on Sunday; “We believe the UK housing market is resilient as is the supply chain that supplies it.”
Many buyers and sellers have contacted us wondering how Brexit will affect them, the market will only change if we buy into the fear as expressed in the financial times. “Initial uncertainty and worry among consumers is likely to lead to an immediate stalling of the housing market, although it will take much longer to see the full economic effects of Brexit, analysts have said.” If we remain confident, and continue to have the supply and demand then we are positively impacting on how the market behaves.
We will continue to bring you an honest reflection of where our property market is placed, as this can often be extremely different to other cities across the UK. There is no need to panic if you are looking to buy, sell, let or rent a property in Bath, and we are sending this message to all of our clients at the moment, and from the conversations we are having our clients agree.
We are confident that the strength of our local market will continue to create a stable environment for anyone wishing to sell our purchase a property for the near future. Our team is best placed to give you up to date advice and support throughout the property process. As an apartment specialist, our knowledge within the Bath apartment market means we can be ahead of any changes that may occur in the future, present solutions and offer you the best advice for your and your property.
Don’t let ‘project fear’ win, it is time for stable thinking.