Comment on Brexit
Tue 28 Jun 2016
David Brown, CEO of Marsh & Parsons, comments:
"Whatever result you were hoping for on a personal level, its hard to argue against the fact that this result will bring further uncertainty and also creates far more questions than it answers in terms of what happens next as Britain extricates itself from the continent in terms of procedures and processes. Its also worth noting that if the pound weakens against the Euro as some have predicted, then it could lead to a significant increase in overseas property purchases not bad news in itself, but unlikely to have been among the intentions of many leave voters.
"On the plus side, it makes the picture clearer for any individuals who were sitting on their hands, waiting on the outcome of the result to make their move. Its also worth putting things into a wider perspective. Irregardless of the referendum result, there is still plenty of pent-up demand in the UK housing market and a leave vote doesnt change that overnight. When you think back to before the financial crisis and the volume of transactions we were witnessing on an annual basis, theres clearly scope for further improvement. The decision to leave doesnt alter the fact that plenty of people have to and still want to move."