Today's decision to leave the EU came as a shock for many and will of course have an impact on domestic and global markets. I wanted to share a quick note with you all about how we see this impacting our everyday lives in the property market.
If we reflect on events of years gone by, large scale political decisions are felt most significantly in the short term as markets and people digest and react. This means we tend to see shifts in stock markets, currency, industries and the attitudes of consumers. It is important to say that these times tend to be transitory, and, as with years gone by, markets can normalise again, often quickly.
The Bank of England statement presented by the Governor Mark Carney this morning provided reassurance that the UK is in a strong position fiscally and, with the learnings of years gone by, our financial institutions are in a robust place, the UK economy is strong.
In terms of the property market which is of course close to all our hearts, in much the same way as the financial markets respond, it’s likely there will be nervousness for buyers and sellers. The reality is, this is likely to be short term. So let’s hold in there and ride the uncertainty together and we’ll keep you posted on any trends we’re seeing.
Gemma Young, CEO and Co-Founder, Settled