“Pre-referendum forecasts of economic meltdown continue to appear overblown”
Andy Sommerville, director of Search Acumen, comments on HMRC Number of Property Transactions, August 2016:
“It is encouraging that pre-referendum forecasts of economic meltdown continue to appear overblown as August’s residential property transactions show some resilience and commercial activity gains a new lease of life*. The figures show a stable increase in residential transaction activity every month since the Brexit vote and those within the property sector are finding themselves asking what all the fuss was about.”
“We are, however, in danger of being overly optimistic about the short-term stability we’ve seen over the past months as a 6.1% decline since the same month last year uncovers 12 months of turbulence in our sector and efforts to get our market back on its feet must not slowdown.”
“Looking ahead, it is essential that our market remains optimistic. Industry players will need to not shy away from drawing investment and regaining some stamina before tackling the continuous challenges our divorce with the EU will bring.”
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