Ex-RICS chairman – uncertain period will be short

The UK economy will withstand the “short period” of uncertainty after the EU Referendum, former RICS chairman and north London estate agent  Jeremy Leaf has insisted.

Leaf hasn’t seen a surge in letting as opposed to buying while he hoped that buyers and sellers will pause rather than withdraw their transactions altogether.

He said: “Although we were concerned there would be a reduction in market confidence following the decision to leave the EU, early indications point to a short period of uncertainty only.

“Within a few hours of opening on Friday after the referendum, our North Finchley office agreed terms at a very good price on a family house and two flats nearby.

“Developer clients also refused to be rushed into accepting what we considered a realistic offer on a commercial building in North London. No valuations or viewing appointments were cancelled and many new appointments have been arranged.”

He added: “Some buyers and sellers will hopefully pause, rather than withdraw from transactions to see whether their jobs or financial position are likely to change.

“House hunters are a little nervous about the future stance of lenders but not sufficiently to withdraw from transactions or renegotiate offers to date.

“In times of uncertainty buyers sometimes decide to rent not buy. Although it’s early, we have not witnessed a surge in letting either which might have been another indication of lack of market confidence.

‘The underlying fundamentals of the UK economy remain strong so the overwhelming majority of our customers are telling us they’re relieved to get the uncertain period leading up to the vote behind them – so it’s business as usual.”