As Britain continues to come to terms with the shock EU referendum result, one property expert has suggested that the sense of doom and gloom could well be premature.
Director of Balogores Property Group, Howard Leicester, has given his reaction to the Brexit vote.
Mr Leicester noted that, ‘Brexit is certainly a shock to the system and one that will no doubt have far reaching ramifications for our industry moving forward. But the more I think about it, the more I actually think the next few months could be a real boom for our sector.’
Leicester urges Britain to look at the short-term benefits of the result. He feels there could be an immigration boom from Europe, before any exit deal is finalised, which could:
- lead to more people needing rental property
- attract more landlords to the market
- produce a further rise in rental prices
In times of economic uncertainty, people could look to rent for longer. In recent times, a shrinking of the economy has seen the rental market stay strong.
Could Brexit be beneficial for landlords?
Short-term pain, long-term gain?
Continuing, Leicester observed, ‘Britain has a very strong trading history and whilst there seems no doubt we will suffer some short term turmoil and a possible recession, or at least much reduced growth. However, there seems very little doubt that we will come out the other side. History tells us we always return much stronger and leaner.’
Summing up, Leicester said, ‘so is it all bad? I don’t think so when you look at our industry and the way it has grown and matured over the last 10-15 years. In actual fact, this should be seen as another opportunity for landlords to expand their portfolios and for the best agents to make sure they are at hand to help clients though, with balanced and professional support and the advice.’
‘In other words, those of us who are experienced, knowledgeable and experts in our fields, will be the ones that actually see the opportunity and grab it,’ he concluded.