It’s that time of year when we reflect on what’s been and what lies ahead and 2016 has certainly been quite a year.  If you thought the election outcome in 2015 was surprising, it surely paled in to insignificance when, in June this year, the nation voted to leave the EU.

Whatever side of the argument you favour, there’s no denying that both in the run up to it, and certainly in the immediate aftermath, ‘Brexit’ led to a raft of ‘what if’ questions.  This was no less the case in the property market.  Uncertainty, after all, affects confidence and when confidence is low the property market is one of the first areas to wobble.  But was it simply a wobble or has Brexit impacted the property market more significantly?

Let’s start by getting one thing straight: Brexit hasn’t happened yet.  Any impact around the time of the vote was, therefore, simply a blip and we’ll have to wait and see what happens once negotiations begin ahead of our eventual exit. 

However, what we do know is that whilst there were predictions of Armageddon back in June, overall, there has been no significant impact: the property market remains stable and, in fact, overall there’s been house price inflation of 8% in 2016.  This is something that we don’t believe will alter next year either.

It is our believe that, so long as you enter the property market with a long-term view, it remains a good solid investment. 

Of course, challenges do remain.  The introduction of a 3% stamp-duty hike on the purchase of second (or more) homes was intended to stem the out of control nature of the buy-to-let market and whilst it has perturbed some investors, the reality is that demand for rental properties remains strong.  Consequently, seasoned investors continue to build their portfolios and, in fact, seize the opportunities that periodic uncertainty poses.

Another challenge has continued to be a sufficient supply of quality, affordable homes.  That’s a debate for another time but it’s encouraging to see that the home builders we engage with are continuing to plough ahead with their new developments, regardless of the outcome of June’s referendum.

And whilst in the wake of the Brexit vote, sterling may have taken a hit on the global currency markets there doesn’t appear to have been an adverse effect for those seeking mortgage finance.  Indeed, there remains plenty of opportunity to borrow - so long as you meet the necessary lending criteria and are prepared to be flexible in your approach to financing your property purchase.

So whilst 2016 brought a few more surprises than we had perhaps expected, it hasn’t impacted negatively on the UK’s property market.  What the future holds requires a crystal ball but it’s our feeling that the immediate future remains positive and so long as you approach the market for the right reasons, with your eyes open and with a long-term view, then there’s little to be concerned about.

If you’re considering a sale, a purchase or an investment in 2017, visit our branch in Kingsbury or visit us online at www.andrewsonline.co.uk for expert, honest and friendly advice.