As we are now officially heading into unknown territory with Theresa May triggering Article 50, a few local estate agents in East London are asking themselves how it will affect them in the short term and long term As we are now officially into the two year Brexit divorce with the EU, it seems more and more real estate agents are affected some more so than others. According to a recent report by Hometrack an UK based property market analysts the uncertainty of Brexit has caused uncertainty amongst buyers and sellers specially in the London market where property prices have been going through a price boom.
In their latest press release on September 2016 the analysts at Hometrack have noted that the quarterly growth in London has been the lowest ever in a 20 month period, whilst that indicates some cooling of the housing market in London however for buyers looking for a bargain in London will have to wait a lot longer to see any slow down in growth in fact they maybe better off looking for a lower prices in Birmingham
For the smaller local estate agents such as Eastenders Property Services and othe agents based in East London, it seem’s the uncertainty is affecting people looking to rent. In some cases inquiries from new tenants from European destinations such as Italy, Spain and Lithuania has fallen by 30%-40. For the meantime all the estate agents can do is wait for the negotiations with the EU to be completed and see what happens after the dust has settled which could take as long as two years or more