Estate agent signals positive outlook for post-Brexit Harrogate housing market

Property prices and demand for housing in Harrogate 'remains very strong' in the wake of the country's Brexit vote, according to estate agent Myrings.

Friday, 12th August 2016, 2:14 pm
Updated Friday, 12th August 2016, 3:19 pm
For sale signs in Harrogate

The independent, Harrogate based company said that the local market was positive and that there was no reason for buyers or sellers in Harrogate to be concerned over house prices.

Earlier this month, a survey by Britain’s biggest mortgage lender showed that house prices across the UK fell by one per cent in July compared with the previous month.

However, Myrings explained that any slowdown in the property marketplace would likely be short-lived and warnings of a crash seemed “very far-fetched”.

Syd Briscoe, associate director at Myrings, added that Harrogate would not feel the same effects as the rest of the country as it is such a desirable place to live.

He said: “Turnover of stock has maintained a level consistent to the pattern we have experienced and expected in recent times.

“We have continued to take instruction for a similar amount of properties, so it appears that our local market remains positive.

“Harrogate has many attractive attributes such as fantastic transport links, highly reputable schooling, surrounding natural beauty, and social atmosphere. People want to live here.”

Mr Briscoe said it was understandable for people to be nervous and cautious given the “scaremongering” following the vote but played down Brexit’s effect on the market.

While the balance between supply and demand may now even out, the estate agent predicted this would merely lead to a “stabilising” of house prices.

Halifax explained that it was still too early to determine if there had been any impact on the houseing market as a result of the EU referendum result.

Many analysts have predicted house prices to fall amid economic uncertainty caused by the Brexit vote but Myrings said they believe prices will continue to rise at a more “sustainable pace”.

A blog posted on Myrings’ website stated that exchanges and completions were proceeding smoothly and any slowdown would prove beneficial to Harrogate’s first time buyers.

In his blog, Charles Myring, said: “The upside to any overall slowdown or slight dip in house prices however could help the younger generation of first time buyers who are still finding it very difficult to get onto the housing ladder.

“A great many are obliged to turn to their parents or grandparents to help them with deposits to get a first home.

“Property prices and demand in Harrogate remain very strong and have never significantly weakened in any of the downturns of the past 30 years.

“Certainly as far as our business in Residential Sales & Lettings is concerned the Brexit vote has not torpedoed any of our ongoing transactions.

“In our view, even if there were to be short term price wobble, which we doubt, in the longer term the value of your home is secure and it’s ‘as safe as houses’”