The Brexit Property Landscape
As we are fast approaching the end of the year, predications and forecasts as to what 2019 holds for the property sector are already in circulation.
Research has shown that estate agents in the Midlands and the North of England are significantly more positive about the wider economy than their equivalents in the South. A new study revealed that 74% of estate agents in the South regard economic uncertainty as their greatest challenge for 2019 compared to just 62% in the North.
In the North the pressure to lower fees is stated as the biggest worry by some 63% of respondents, whilst 53% in the Midlands and 50% in the South agreed. This is further highlighted by how few estate agents in the South, just 22%, are positive about the UK’s economic growth. This contrasts to 40% of agents in the Midlands and 36% in the North.
Brexit is frequently cited as one of the main drivers behind the uncertainty of 2019, particularly within the South however, as PMA director Peter Licourinos states ‘there are occasions where you can utilise uncertainly to create and maximise opportunity, particularly for developers.’ Peter continues,‘there will of course be a big shift in the market, but as long as you have the expertise and are prepared to do the research there will be plenty of opportunities.’
“At the moment it is fair to say that overall the economy is having a tough time. For me, this only helps the best businesses run a tight ship, re-shape, work harder and achieve greater things. If you can run a solid business in the tough time you can really progress in the good.”
“In the same way UK property markets are tough at the moment. There is certainly a shift from the sellers to the buyers and for property investors that is an opportunity.”
“Most people will say that prices needed another correction but what’s for sure is properties are sticking on the market for longer, prices are coming down and only motivated sellers are selling quickly.” Peter finishes by saying; ”There is great opportunity for investors to pick up some good deals.”
As we highlight in our property masterclass days, there is a growing importance of undertaking extensive market research to ensure the projects we carry out are located in high-demand growth areas. There are an incredible number of variables which create the overall research but of course factors like Brexit will play heavily over the coming months.
For more information on our Property Masterclass Days and how you can begin to learn how you can maximise your opportunity within the current climate, please visit…