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Brexit effect on UK property market will be ”short-lived”
The UK property market will recover quickly from the turbulence resulting from Brexit, says a Nottingham expert.
Richard Reed, head of property at John Pye Property – part of John Pye Auctions – believes more people will begin to use online auctions to boost their portfolio during a time of uncertainty.
More than £5m of stock, featuring 39 residential and commercial investment lots, is included in the firm’s online auction from Wednesday, July 6, to Thursday, July 7.
Mr Reed said: “It’s no surprise that the decision for England to leave the EU will create uncertainty in the market but we are confident that this will be short-lived.
“Despite the concerns surrounding the result of the EU referendum over the past few months, many vendors have committed to selling their property in our July auction.
“Equally, there has been substantial number of enquiries from buyers, keen to secure their next property investment.
“From the level of interest shown to date, in all our lots, it is clear the July auction will see competitive bidding across the board.
“Selling through our online auction gives our sellers the added benefit of a zero percent seller fee and nil marketing costs, meaning they are experiencing great value for money, especially in the current market.”