Should we stay or should we go?

9th June 2016

Should we stay or should we go?

Peter Gardner Managing Director of Marchand Petit Estate Agents considers the sentiment above, shared by those considering moving, with the rest of the population at the moment, contemplating remaining or leaving the EU.

Here we are in early June awaiting the outcome of the referendum on EU membership which is creating an air of general uncertainty in the property market although no-one is entirely sure why our domestic property market should be affected one way or the other by membership. In reality it is probably just a reflection of a more general uncertainty about the effect on the British economy as a whole. Certainly the recent RICs report issued on June 9th 2016 has reported prices and volumes of transactions in London dropping off with only modest climbs elsewhere in the UK.

As mentioned in our At Home magazine recently, it was one of the most interesting starts to a year in the property market for some time, the first quarter being dominated by the effects of the unexpected additional 3% on the Stamp Duty levied on property purchased as a second home or as a ‘Buy to Let’. This resulted in a massive increase in property transactions prior to the deadline - 1st April 2016. We saw a lot of activity as a company and had a record month with near 100% success rate for completions due by that date. 

Inevitably, after the party comes the hangover (!) and April was predictably quiet, exacerbated by the uncertainty associated with the impending referendum. However buyer and vendor activity has increased as we head into the summer months. The market is coming, reluctantly, to terms with the new rates of Stamp Duty and notwithstanding the general air of unease created by the forthcoming referendum, we would expect the market in the South Hams to remain relatively buoyant with good prospects for realistically priced house sales.   Once you have found a buyer for your property, well informed local agents should be able to find you your next home.