Brexit – What does it mean for vendors and landlords?

Judith Davis of Penyards Property Management

Judith Davis of Penyards Property Management explores the impact Brexit may have on vendors and landlords

“So, we are out of Europe; voted out of the EU and knocked out of the Football Euros by a small island, not even in Europe: Iceland! For those less interested in football, but with a real interest in the residential property market, the decision to leave the EU for those who are either renting their home, living in a purchased house, letting property or all three, the immediate outcome of Brexit needs careful consideration.

“People will always need to move: change of job; upsizing, downsizing, getting married; moving to the country/city etc. However, until the economy has settled, it will probably only be the people who have to move who will try to sell and possibly in the short to medium term selling may not realise the price they had hoped to achieve.

“In this case the option would be just as it was at the time of the Accidental Landlord back around 2010, when in order to move, property owners had to look at letting their home. These Accidental Landlords then realised that in fact it was not such a bad option. Letting their home and renting in the new employment area brought tremendous flexibility and meant that if things did not work out they could always return to their original home. They had not burnt their bridges by selling, and the gradual recovery of selling price could be enjoyed rather than lost.

“At Penyards Property Management we are anticipating that this will be the way forward for the coming months and possibly longer. In a time of great uncertainty people will want flexibility and letting and renting gives this option. It is a…