Some of the questions we are receiving this week in the office include:
1. Will prices rise or fall and by how much?
2. Should I wait to see what happens before buying or rush ahead before conditions change?
3. Which way will mortgage rates head if the economic turmoil continues?
4. What would a recession do to my ability to keep up with the repayments?
Nobody can deny that the Brexit vote has caught everyone on the hop. Bankers, builders, estate agents and candlestick makers are all perplexed by what is to come. None of us have never seen anything quite like this, which barely one week on makes us all feel less the experts we thought we were.
CR Child and Partners was established in 1929 meaning it really has stood the test of time, surviving The Wall Street Crash, 17 prime ministers since Ramsey MacDonald, the 2nd World War, Moon Landings, the building of the Channel Tunnel and much much more. Since 1929, someone from CR Child and Partners has been available in the office to advise on the valuation of your property within the Hythe area.
Today's incumbents at CR Child and Partners have over 60 years collective experience stretching back to the 1980's and in that time we ourselves have experienced numerous fluctuations in fortunes, whether it be longer lasting economic recessions or an increase in market prices driven more particularly in the area we serve (Hythe, Kent), by the launch of the new fast track rail link that crosses Kent from London.
But like every other estate agent in the UK (or anyone else for that matter), we have absolutely no experience of Britain leaving the European Union.
How could we?
Under circumstances such as these where there is likely to be a great deal of volatility over many years, we can only suggest you proceed in a way where you are purchasing to live in your home over the long term rather than looking for a short term investment.
None of this is to say, such a position will turn out right. There is ever an argument to say that with still a great shortage in homes in the UK, this will have a bearing on prices rising even further over the short term.
Who knows? We are all in the lap of the Gods right now?
One thing's for sure, if we all stand still and wait, we are likely to be waiting a very long time before we ride out the impact of last weeks decision to withdraw our membership of the European Union.