Kentish Gazette Canterbury & District
Brexit housing fears overblown
City’s property market defying fallout from EU referendum
Doom-laden prophesies of a post-brexit housing crash in Canterbury are off the mark so far, say leading property experts.
One estate agent has told the Gazette “I think everyone expected the roof to cave in, and it hasn’t done”.
Experts appear agreed that while demand outstrips supply, prices will remain stable in the district.
David Evernden, chairman of Kent Estate Agents, says “it’s business as usual”, with new vendors coming to the market and buyers putting offers in.
“There’s nothing happening out there to confirm that a crash is happening,” he said.
“All we’re getting is pundits saying it could happen. But all the time demand outstrips supply property prices aren’t going to fall”.
Mr Evernden is also an agent for the Bank of England, supplying regular reports of economic activity in the area to the Bank.
“The public acknowledge we are entering a period of uncertainty, but they are not really so far taking any action,” he said.
“They’re continuing wanting to sell and to buy houses.”
Recessions of the late 1980s and late 2000s saw property prices fall, and many fear the decision to pull out of the EU will have a similar effect.
“The situation is quite different in as far as we are not in a recession,” said Mr Evernden.
“This is possibly advance notice of a potential recession.” He says that while he does not have a crystal ball and that market stagnation is possible, evidence to date does not suggest this happening.
“The Bank of England’s response is that we don’t need to reduce interest rates,” he said. “The public are reassured by the reaction.”
He reports one buyer unsuccessfully attempting to reduce an offer, and another pulling out – to be immediately replaced with a new offer.
Both could be put down to people “taking advantage rather than being worried”, he says.
Canterbury- based estate agent Charles Bainbridge, who last week opened a new office in Whitstable, agrees that the outlook so far is positive.
“Our experience this time around has been that none of that knee-jerk reaction has taken place,” he said.
“We haven’t seen buyers renege on deals. We haven’t seen people pull out of sales.
“Within the last couple of weeks people have been perfectly happy to exchange contracts.
“People are happy to crack on.”
Mr Bainbridge, director of Charles Bainbridge Estate Agents, says supply of goodquality family homes in the district remains relatively low with demand high.
“I think the public are happy just getting on with it,” he said.
“There’s potentially quite a long and painful process ahead to come out of the EU.
“I don’t think people have got the stomach for hanging on to see what happens.”
Scott Curtis, director of Canterbury-based agents Scott Curtis, said some trepidation was to be expected.
“There’s perhaps been an element of caution on the part of buyers when making offers, but they’re still making offers.
“And there’s possibly a slight reduction in willingness in vendors to be over-ambitious with their asking prices.
“I think everyone was expecting the roof to cave in and it hasn’t done. It’s business as normal.”