Niche desperate Brexit angle.
Press Release
With the EU referendum just around the corner a firm of Worcester estate agents have revealed fears surrounding the result of the vote have failed to impact on local housing prices. However, the claim and counterclaims of both sides has, according to Estates Direct Managing Director Ben Grove, led to a degree of nervousness amongst sellers. He said: "We have seen a flurry of people putting their houses on the market because of the fears vendors have that a vote to leave would lead to lower property prices."
Fears that house prices will crash in the event of a vote to leave were fuelled by Chancellor George Osborne's recent warning houses could be worth 18% less than if the UK remained in the EU. Those claims were refuted by Vote Leave campaigners and Ben Grove said: "Whilst there is some nervousness in the market the general trend in Worcestershire is one of rising prices and the available housing stock is selling quickly.
"We have also seen record levels of prospective buyers registering with us and demand for properties has never been so high. There is a lot of action in the market right now which is giving local buyers confidence it is a good time to move."
The market has continued to strengthen after a bumper year for sellers in our local area. Online property portal Rightmove reports price hikes of 7% in Worcester, Redditch, and Kidderminster whilst Bromsgrove enjoyed a boom of 9% compared to the national average of 5%.
But will that trend continue post referendum? Ben Grove said: "It is hard to say and despite the scaremongering no one really knows. But a vote to remain in the EU, with an unlimited amount of people able to live, work, and rent here, could see house prices continue to rise. Increased rents mean better profits for landlords so they start to buy houses to rent out. This would mean more competition with prices driven up by demand.
"A Brexit vote however, with less people coming to the UK, could see lower demand with prices falling or stagnating. Not great news for sellers but it may help more first-time buyers get a foot on the property ladder."