Chief Executive of haart Paul Smith's comments on the EU Referendum Result


29/06/2016

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Here are Chief Executive of haart Paul Smith's comments on the EU Referendum Result:   

“We’ve grasped a huge opportunity for the UK and we have every reason to be confident about the long-term success of the property market. The underlying strength of property is sound, and it will remain a great investment because more people than ever are looking to get on to the ladder and there simply aren’t enough homes available. Last month haart saw ten buyers chasing every property on the market and we know that around 80% of young renters want to buy a house. This equation won’t change any time soon.

“In the short term things could be turbulent as people come to terms with a result that wasn’t expected. But we now have some certainty.  It’s up to the government to lay out a clear timetable for renegotiation of our relationship with the EU so that we can get on with doing what British people are very good at – buying and selling houses. Smart buyers stand to gain from the uncertainty of others in the weeks ahead, and confident sellers may find that they are in a good position as others wobble.

“In addition, the Brexit vote has made the UK property market very attractive to foreign investors as a result of the fall in the value of the pound, effectively reducing property prices for foreign buyers in the short term.  We’ll be talking to our overseas applicants about potential opportunities for them to buy in the UK.

“House prices may go up and down as they always have, but demand pressures will sustain prices over the long term. We’re on course to see the greatest investment since the war, residential property, continue to pay off for homeowners. Britain should be confident – we are an economic powerhouse and we will continue to be a magnet for international investment.”