Brexit, Panic, Panic AND BREATHE

Posted: 16th January 2017

So the votes are in and we are leaving the EU, except there is a little doubt that we will actually do it. A lot of political negotiations will take place first, and in fact we are two years away before we leave and changes take place.

And yet my phone was ringing early on the morning of the result, countless texts and Facebook messages. Will my house go down in value? Will my property sell?

Friday 24th was indeed a day of panic in my mind. The pound fell and the stock market crashed. Then I had a phone call about a relative that was close to death; it couldn’t be any worse……….

But then I stopped and took a few big breaths and I regained some perspective.

In fact over the last few days we have kept taking on properties to sell; the values haven’t gone down and we have sold properties, all as per normal. When I checked in with a group of about 100 estate agents owners all over the UK, it was the same story: business pretty much as usual. There were about three people who pulled out of a purchase on the day but subsequently they have calmed down and admitted they panicked, so are now back on track. Plus of course the pound and stock markets are recovering as well.

Is it a storm in teacup? Well, we wont know for quite a while and we will adjust and evolve as we always have.

I think property prices in towns like Linlithgow and Bo’ness will remain steady; it might temporarily slow up the price increases we are seeing. Of course the same will be true of the next property you purchase, so there is no gain or loss overall.

If prices keep rising too fast it will exclude many first time buyers getting on the ladder, which will cause the market to over heat and strangle the very source that makes the market so buoyant.

So Keep Calm, BREATHE and Carry On.