We are asked on a daily basis how the market is and whether there have been many changes in activity and indeed values since the EU Referendum on 23rd June. Whilst the result came as a surprise to many, we are delighted to say that despite the rare renegotiation or fall through immediately after the result, the market in our opinion is behaving normally and in comparison to previous years where the ‘summer months’ can be challenging whilst everyone enjoys their annual break by the beach on the continent and further afield, Charles Lear & Co. have experienced two of the finest months of success we have seen all year.
The media are doing a fine job as always of scaremongering the general public into thinking the economy is on the verge of collapse and whilst no one knows the exact implications of the majority’s decision to leave the EU, the early signs remain positive.
History tells us that Cheltenham withstands downturns in the economy and housing market particularly well. The latest claimant rate figures from Gloucestershire County Council are positive with the rate remaining below the national and South West averages. John Lewis’ planned opening of their new Cheltenham store in 2017 coupled with Formal Investment’s commercial development site for a global HQ on Jessop Avenue, will only aid the employment rate in the area, adding to the level of demand for homes and the wider local economic outlook.
Whilst there are reports the housing market in London has ‘slowed’, we are experiencing a high volume of prospective buyers relocating from London to the area in addition to many overseas investors seeking properties in town and in the country. The weakened pound has provided an opportunity for those overseas to capitalise and purchase more for their money than before, offering a greater return on their investment.
Bolstered by the shortage in supply of new properties to the market and the seemingly increasing demand for homes, the property market remains firm. Short term and significant hikes in values are unlikely due to the uncertainty surrounding our decision to leave the EU, however, demand for our world renowned schooling and highly regarded employment possibilities will stand us in very good stead.