What’s happening in the South Coast and Isle of Wight residential property market post Brexit?
Rob Hurlstone, Head of Residential General Practice for Daniells Harrison Chartered Surveyors, comments on the south coast property market post Brexit.
The residential property market on the South Coast has held up surprisingly well since Brexit. We did see an initial slow down but things have stabilised. Going forward, it is still such a big unknown and it’s still too early to say what will happen to the market.
We can say that the current prices are stable and the volume of transactions are good. The low interest rates have certainly helped.
David Wiggins, Partner at our Isle of Wight practice, explains the experience on the Isle of Wight is similar:
I concur with the view that the market has held up well.
There is anecdotal evidence of a few purchasers pulling out of deals soon after the vote, and agents reselling within a few days at the same price. The RICS Residential Market Survey over July and August painted a similar picture across the country.
If you are consider investing in property in Southern England or the Isle of Wight and need a residential survey or you require an up to date valuation of your current property, get in touch with Rob Hurlstone at our Head Office or David Wiggins on the Isle of Wight.