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Blog August 16, 2016
     

No Brexit Blues in Oswestry

The dust is still settling after the nation’s decision to leave the EU and experts are arguing amongst themselves about the long-term effect it will have.  While the stock markets seem to be in turmoil, one market that is particularly concerning to many is housing.  Kate Howell, of Woodhead Sales and Lettings in the centre of Oswestry, reflects on what a Brexit means for the Oswestry property market:

“In June (pre-referendum) I predicted it would be ‘business as usual’ in Oswestry regardless of the referendum result, and I’m glad to report that is exactly what it is.  In May/June it felt like people were holding back, waiting anxiously for the result.  And after a result that seemed to shock the nation, we very quickly settled back down to business.

 “May was a month of uncertainty for potential house buyers and there was a noticeable drop in demand, quickly followed by a sharp spike in viewings and sales agreed following the results of the referendum.  I’m in the banking, property letting and sales market and I’m pleased to report that all of the figures are on the up.

“My advice now is the same as it always has been to prospective property buyers; as long as they have a reasonable deposit and are looking to live in the home long-term, they should go ahead with any agreed purchase.

“Nationally there are more positive signs in the housing market with mortgage market looking very healthy and set to improve further if interest rates fall, which they are predicted to do later this year.

“It’s too early to know what the full impact of the vote to leave the EU will be on the property market, but what we do know is that we’re in a growth area, sheltered from the price fluctuations experienced by other parts of the country, so we’ve every reason to be positive about the Oswestry housing market.”

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