Thursday 19th October 2017
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Slowdown in property market 'being felt' since the election

The impact of Brexit and the election highlighted in recent RICS surveys has been felt on the property market in East Anglia, with “a slow, but visible, shift in market patterns since 8th June”, according to property agent Fenn Wright. “….We are handling high volumes of property coming on to the market this summer, but there appears to be a little more price sensitivity in the market,” said managing partner Alan Williams.

“Not everything is selling quickly right now as some buyers are playing a waiting game and are prepared to take more time looking at an improved stock of available properties.” He added, that it is hard to determine at this stage whether this slow-down is seasonal or long term. The election has also resulted in a “more measured approach” in the commercial property market. Alistair Mitchell, a partner in the firm’s commercial division, said political and economic uncertainty has resulted in some Essex and Suffolk-based occupiers, investors and developers deferring important strategic decisions until the future becomes a bit clearer. However, he remained confident in the resilience of the market.

 

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