Property sector on strong foundations despite Brexit
A Hampshire-based team of chartered surveyors has given the property market a vote of confidence as Brexit negotiations reach crunch point.
Multi-disciplinary firm McAndrew Martin, with its headquarters in Portsmouth and offices in London, said the housing sector remains strong as it enters the last quarter of 2018.
Director Ian Lee urged homebuyers to keep their nerve despite concerns about the impact of a no-deal Brexit on the economy and housing sector.
Ian said: “Recent figures from the Bank of England about property prices post Brexit represented a worst case scenario in a wider economic context. Brexit will inevitably have some impact but I cannot foresee a major decrease in property market values.
“As a rule, property tends to move in 10-year cycles and the average buyers and sellers in our area should remain confident in the market’s long term prospects.
“Demand for surveys remain strong and we are beginning to see the first signs of the autumn rush as people seek to place their properties on the market and sold before Christmas.”
Bank of England Governor Mark Carney told senior Ministers that property prices could fall by as much as 35 per cent over three years in the event of a worst case economic crash after Brexit.
The aim was to ensure the country’s banks and economy would be ready for the worst that could happen next year rather than provide an realistic economic forecast.
A recent survey found that Portsmouth was among the cities where first time buyers needed the highest incomes to get on the property ladder.
The Hometrack report placed the city sixth in the table with first-time buyers needing an income of £50,202 – up 21 per cent on the amount needed three years ago.
London topped the table, followed by Cambridge, Oxford, Bournemouth, Bristol and then Portsmouth.
McAndrew Martin’s six disciplines are Building Surveying, Project Management and Contract Administration, Mechanical and Electrical Engineering, Structural Engineering, Architecture and General Practice.