Dezrez conducted a survey of 132 estate agents on the 1st of July to understand their views on the immediate and future impact of Brexit. While 54% of estate agents say it is too early to have, or believe they don’t need, a Brexit strategy, 16% did have a strategy in place and 13% were working on it.
More than one in four (42%) of respondents believe that Brexit had already had a negative impact on their business and one agency stated that following the news, 10% of its sales fell through and valuations were reduced by 40%!
One-third of those surveyed predicted that there will see their stock levels drop by 5-20% and suggested that home owners may see the value of their house drop by 5-15%.
Fewer than 10% of respondents estimated property values tumbling by 20-50% of their current market value.
Justin Morris, CEO at Dezrez, said: “As the economic landscape continues to shift following the UK’s vote to leave the European Union, the Bank of England Governor Mark Carney warned prospective buyers to proceed carefully if planning to borrow money. This warning, and the ongoing analysis from property professionals, is unsurprising. However, until the market settles, we won’t know the exact extent the effect Brexit will have on the residential property market.”
