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Comment from Robert Reed
“Regardless of political allegiance, most people wanted to see a decisive result and a prolonged period of stable government. Regrettably the final result has not provided this – and a further election later in the year can not be ruled out.
These are likely to be challenging times for the government as we head into Brexit negotiations with no clear strategy or even a substantial majority in the House of Commons. This could bring uncertainty to the marketplace and a level of unwelcome nervousness.
In amidst this context, there are some potential positives. There was a surprising amount of unity from all parties on the need to provide more houses – both for sale and to rent. This could form the basis for some consensus and agreed policy, moving forward.
It should also be noted that the fundamentals of the market remain strong – mortgage rates are at a historical low and demand in many areas continues to be high.
There is also precedent for the housing market recovering from big shocks. Neither Brexit nor Donald Trump were expected, but the market remained robust and has performed well since.
The best estate agents are flexible in their approach and rise to the challenge of changing market conditions – the same will occur here.
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