Pent-up buyer demand is translating into transactions as buyers and sellers are fed up with waiting for Brexit uncertainty to clear, haart claims.
It comes as the agent warns that any attempts to cancel Brexit may have short-term benefits but would cause more uncertainty in the long run.
MPs were last night debating alternatives to Prime Minister Theresa May’s Withdrawal Agreement, which included revoking Article 50 and leaving on April 12 with no deal.
Data from the agent’s network of branches for February showed buyer registrations were up 6.8% annually and 15.6% on a monthly basis.
New listings have also increased, rising 4.2% between January and February and 7.5% year-on-year.
It is unclear how much this is contributing to sales, though, as buyer viewings were down 2.8% annually and increased 6% between January and February.
On a yearly basis the number of exchanges increased by 6.8% but they are down 8.1% on the month.
Paul Smith, chief executive of haart, said: “Although government delays on Brexit are frustrating, this level of uncertainty has become the new normal.
“Data from across our branches revealed that market activity was stronger than expected throughout February.
“Whilst we have referenced pent-up demand in the market before, we are now seeing this demand translating into transactions, with an annual uptick in transactions of 7%. Buyers and sellers alike are fed up of waiting and are finally taking the plunge.
“It is difficult to predict how the market will perform given the current political turmoil.
“However, in the unlikely event that there is no Brexit at all, we would expect the immediate impact on the property market to be positive, but this would be for a limited period of time.
“Lack of confidence in the current Government in delivering on its promise would threaten political stability and would therefore likely have a rolling negative impact on the market.
“Whilst we’d avoid the uncertainty of leaving the EU, a new Government would bring fresh uncertainty.
“Cancelling Brexit may cause price increases in London in the short term, but we would see this level off in the medium term as the cracks in our current property legislation would look even larger with Brexit no longer overshadowing them.”
Comments (13)
the game
**NEWSFLASH**
ALIENS discovered on Planet Earth, easily identified by their BREXIT or BUST logo’d space suits.
17 Million of UK population affected by mind bending Brexit Rays.
Scientists advise those affected to stand in a cold shower as this may bring them back to reality.
Meanwhile, Europe “Laughing Plague” spreads like wildfire across mainland europe with scientists there advising those affected not to watch or read anything associated with UK Brexit Epidemic.
Meanwhile, back in Planet Reality, on the edge of the Brexit Universe, Realiens announce they are quarantining their planet to avoid the disaster consuming Planet Earth.
Finally, we go to No10 Downing Street where Prime Minister Theresa May is frantically trying to build her Exit Spacecraft (named 3 Hail Mary’s) in secret, with the intention of leaving the still to be renamed Planet *****d.
More news as we get it
It’s a funny thing ……Brexit? You don’t get a Vote, now you actually know what it means?!
This country has gone to War in the past, on truth and lies ……at what point do we learn and gather the actual facts, and then decide?
Brexit meant Guessxit in the past ……now the Fiction is Reality!
I have no issues Leaving if we Vote knowing what we are Voting for. Whether it’s good or bad, every UK Citizen should have the right to Vote on the Leaving Deal that we are proposing to BrEXIT the EU with.
It’s simply nonsense to suggest that having Voted on Fiction we leave based on that?
Every parent looking after their child/children wants Fact to decide which school etc etc. Every patient needing treatment wants Fact when making their decision ……however for the biggest Political Decision since the World Wars, we originally Voted on “MISINFORMATION FROM BOTH SIDES”
Truth is slipping away from Society and Politics barely has any.
Leave means Leave if we Vote on the actual deal. Good or Bad, Leave or Stay ……FACT NOT FICTION!
Power corrupts, absolute power corrupts absolutely.
Politics for power has not changed much in the last 2,000 years:
‘At times of war, laws become silent’. Marcus Tullius Cicero.
‘When things become serious, you have to know how to lie’. Jean-Claude Juncker.
I feel sure that RM would agree that power is control but have they pushed things too far now?
The question should be has the EU drip fed itself too much power and if so what can be done about it?
Referring to another professional as a rat if they work for a particular agency is unprofessional and disrespectul and should not be permitted in a in a professional forum.
Nobody knows what leave will actually mean nor how well or badly it will serve each of us (in all walks of life there will be those that profit and those that won’t) however 17.4 mill voted to leave and less than that voted to remain, not sure where 43 mill came from but if you are including those that didn’t vote then forget them, no vote means they gave up their chance to have a say. staying in the EU now would make our lives a misery aided by all the laughing MEPS who would use GB as a mat to wipe their feet and it’s a mat that we created by arguing with each other instead of uniting together on a majority decision by those and only those that voted.
Good article.
Reality is – cancelling Brexit isn’t going to happen. It’s dreamt up by the media. Leave means Leave, whatever your political opinions.
Leave means economic mayhem
‘It is difficult to predict how the market will perform given the current political turmoil”
…….then you go on to describe/give your opinion?
“However, in the unlikely event that there is no Brexit at all, we would expect the immediate impact on the property market to be positive, but this would be for a limited period of time.
“Lack of confidence in the current Government in delivering on its promise would threaten political stability and would therefore likely have a rolling negative impact on the market.
“Whilst we’d avoid the uncertainty of leaving the EU, a new Government would bring fresh uncertainty.
“Cancelling Brexit may cause price increases in London in the short term, but we would see this level off in the medium term as the cracks in our current property legislation would look even larger with Brexit no longer overshadowing them.”
There is an Estate Agency World outside of London Paul, and likewise the rest of the country/the UK economy is outside of London.
If we’re tossing opinions about then here’s mine, this country voted for Brexit based on misinformation from both sides …..now we appear to have the reality, put it back to the people to decide based on the facts we now have.
The Brexit Dreamality is over and we now have Reality!
……time for the people of the UK to vote …….not just Haart or London?!
What reality? We made a decision and the political class basically refuse to act on it, unless we’re given permission from the EU to keep NI? So ask the people again and hope the give the ‘right’ answer this time? That’ll be great for the economy and national unity! Great idea!
‘ That’ll be great for the economy and national unity! ‘
So you think that 17.4 million people dragging the other 43 million over the edge of a cliff will be good for the economy and national unity?
I beg to differ.
Both sides lied in the run up to the referendum and have been exposed. Now that we all have a better idea of just what Brexit may mean there should be a People’s Vote. Without another vote this country will be riven by dissent for decades to come.
Loftus are u an estate agent? Until brexit the right wing ignorant would have had a tough time getting on with people with brains .
Are u a purplebricks rat?
How do we have a better idea of what Brexit will be? You mean the EU refusing to let us leave without being punished? You think a new referendum will be unite the country? what planet are you living on?
And Bless You, everyone who disagrees with remoaners is a ‘right wing ingnorant’? What a prat.