Welsh market bucks Brexit blues

John Hewitt Jones

August 2, 2016

Cardiff, Wales

Buyers’ agent, West Wales Property Finders refuted claims Brexit has dampened business, following an upsurge in enquiries for people wishing to buy properties.

The agent also stated clients searching for properties prior to the referendum had not been effected by market turbulence and have completed purchases on schedule.

Carole Peet, managing director of buyers’ agent West Wales Property Finders, said: “Brexit has had no negative impact on the property market in West Wales.

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“New enquiries have come from those wishing to relocate to Pembrokeshire, Carmarthenshire or Ceredigion from London and the South East; ex Pats wishing to invest in property here now to benefit from the weaker pound; people wishing to invest in holiday letting properties to take advantage of more people staycationing due to the weaker pound and long queues at airports and ports due to added security; and more people wishing to buy second homes or homes to retire to here who previously were thinking of buying in Spain, France or Italy and who now think it a wiser option to purchase here.”

At a recent auction conducted by agents, John Francis, a detached cottage with sea views, in need of improvement work, in the village of Penally, near Tenby, Pembrokeshire sold for £77,000 over its starting guide price of £100,000. A plot of 15.5 acres of land with outbuildings in the village of St. Ishmaels with a guide price of £70,000 sold for £142,000.

Cardiff-based mortgage specialist TBMC also suggested south Wales would not see a substantial change in the market following Britain’s decision to leave the EU.

Jane Simpson, managing director at Cardiff-based TBMC said: “The buy-to-let market has provided many investment opportunities for amateur and professional landlords alike in the pre-Brexit decades and survived the credit-crisis relatively unscathed. It has thrived despite lending restrictions, increasing government intervention and attempts to dampen the market, proving its resilience once again. It is likely to continue thriving in the post-Brexit epoch too.

“With any major change such as leaving the EU, it is realistic to prepare for a period of uncertainty and it is generally expected that the buy-to-let mortgage market will be subdued for the remainder of the year and into 2017 with a greater than normal proportion of remortgage business.”

In May 2016 the average house price in Wales stood at £142,568 and the annual price change of a property was 3.6%.

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