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Britain has voted to leave the European Union.Please share your reactions and how is Brexit likely to affect your property plans?There are calls for Cameron and Osborne to resign.Will you be continuing with business as usual or has Brexit changed your plans?Related content:Brexit - impact on the property market
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Business as usual - hopefully prices drop! Rents will take longer to adjust (if at all given supply issues in UK).
We have been looking to move house - original plan was to trade down - if prices drop will look to trade up.
Will be interesting to see what happens to valauations for property transactions which are currently in progress (from the valuers rather than buyers trying to push pre-agreed prices lower).
Property industry responses to Brexit:Mark Granger, chief executive of Carter Jonas, said: “In the short term, it is inevitable that the vote will create uncertainty across the business community which will impact on the commercial property market and lead to a decrease in values and rents.
“Uncertainty as to how free movement provisions are affected may lead to businesses delaying relocation or expansion plans until the outcome of negotiations are clear.”
The residential sector, particularly in central London, has been one of the most volatile already this year but housebuilders and experts have already been keen to stress the long-term demand/supply imbalance underpinning the market.
David Thomas, chief executive of Barratt, said: “We have prepared for this eventuality and whilst we recognise there will be a period of uncertainty as the UK’s exit is negotiated, the strong fundamentals of our business are unchanged.
“There is a structural undersupply of quality homes in the UK, and we have a clear strategy to address this, supported by a strong balance sheet to execute our growth plans.”Full/source story
International investors may now pile into the U.K.'s property market as the falling pound makes U.K. property a more attractive investment.“... We may see a price correction in property and a fall in sterling which opportunistic international investors will view as a chance to pile in,” says Guy Grainger, head of Europe, the Middle East and Asia for JLL.“The Bank of England is monitoring developments closely” the central bank said in a statement released just before 7am.“It has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks. The Bank of England will take all necessary steps to meet its responsibilities for monetary and financial stability.”The vote has pummelled the value of the pound to its weakest level against the dollar in more than 31 years and raised the prospect of extreme volatility in other financial markets when they open later today.
we are living through intresting times what will happen next No one knows
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Get on with avoiding Clause 24
Continue to Manage my Property increasng rent when I have the oppertunity
Im not buying anything at present but if Property prices fall I may buy within my new company
But it will be for yeild only
David Cameron is addressing the nation from Downing Street:"I would reassure markets and investors that Britian's economy is strong"."We should aim to have a new Prime Minister in place by October"."The Bank of England will be reassuring markets"."Those on the losing side of the argument should help to make it work". (Stabilise the country)."Britain can survive outside of the EU. We need to find the best way forwards".Cameron close to tears as he said he loved our country and he would do all he can to support it going forwards under new leadership.
THank God he is going One Down One to go I hope Osbourn dosent think he can be PM
We need fresh blood and change and a Govt who listens to the UK voters
Do you think Bojo and Gove will be any better?
Personally, I can't think of two people I'd less like to have in charge of this country.
Oh hold on, almost forgot about the lovely Nigel - Nightmare on Downing Street pt1
BBC article says -Property prices may drop ... but they might go up.Interest rates might go up ... but if there was a massive economic shock, they may decrease.If costs for landlords increase, rents will rise.How will Brexit affect your finances?
This tweet from a surveyor: