What does “Brexit” mean for the Norfolk property market?
After intense campaigning over the past few months, yesterday’s vote to leave the EU is historic but it is of course difficult to predict what the result means for our clients and the property market.
Only time will tell the true impact but, in the short term, people still need homes and buyers and sellers will want to see through their existing plans to move. In the medium term, we feel that it is unlikely that prices here in Norfolk will change a great deal as demand is still high, supply unusually low and interest rates are predicted to remain at record low levels for at least the next year or so.
In the longer term, we anticipate demand to remain high and, whilst there may be some minor readjustment to prices, the property market is cyclical with a general trend of rising prices and this is unlikely to change. Home owners, buy-to-let investors and buyers of holiday homes will continue to see bricks and mortar as a safe haven for their money, producing more reliable returns than any other investment over the past 20 years.
Our future is now outside the EU and, whilst there may be some bumps along the way, we expect the Norfolk property market to continue to be as resilient as it has proven to be in recent troubled times.