Andy Sommerville, Director of Search Acumen [1], comments:
“We regularly measure the rate of property transactions and our findings are mirroring those of HM Revenue & Customs – the Brexit effect has finally taken hold of the housing sector with transaction levels falling in June.
“Property owners are opting for a ‘wait and see’ approach before taking the plunge. A weakening pound and the spectre of possible house price corrections means more people are staying put for as long as they can. How long this continues will depend on how long the current political impasse stretches on, but it’s unlikely that we’ll see an uptick in transactions before the end of October.
“What we do know is that a quiet property market is the perfect opportunity for professionals to take stock – they’re facing more pressures than just transaction levels with technology, regulation and market evolution shaking up their business models today. Now is the time to look forward and ensure that once certainty returns to the market, businesses are ready to put their best foot forward.”