In our experience (mainly covering South East, including London) we have not seen a massive Brexit impact. We have seen a few transactions fall through that can be directly linked to the uncertainty in the market pending Brexit. On the flip side however, we have seen some investor clients making acquisitions, feeling it is a positive time to buy. Some Sellers have chosen to sell without purchasing, waiting to see how the market reacts to Brexit before buying on.
We have not yet seen any incentives or sweeteners specifically aimed at pre 29 March completion. I think that the estate agents have been careful to ensure that properties are marketed at realistic prices. We have had a few matters where Buyers have tried to chip at the price at the point of exchange, but in the main these have been rebuffed due to the original advice and negotiations on price.
If Sellers have a need rather than desire to sell, there may be opportunities for deals to be done in terms of offers, but that would be the case for a motivated Seller in any market. A lot of our clients will be linking a sale with their purchase so treat their own Sellers, and that transaction, in the same way they would hope to be treated.
We have seen new instructions continue at similar levels to 12 months ago and an increase in matters at £1.5m+. Locally, there is a shortage of good standard family housing, so good properties in the right localities continue to sell. We have not yet experienced any panic amongst the selling market.
To date, we have not seen any Brexit clauses or specific pressure to conclude transactions pre 29 March. Sellers can be nervous about delays and this is heightened by reports of market uncertainty.
