Little more than three weeks after the UK vote to leave the European Union the private rented sector is forecasting a brighter future of renewed property investment – says the country’s largest lettings and property sales franchise, Belvoir.
And the promise of a more stable government is giving new hope for both private sector tenants and landlords as well as the wider property market – says Anthony Garbutt, who owns the Belvoir offices in Thirsk, Selby and Goole.
“We are already seeing renewed interest in property investment and equally high demand from tenants,” says Anthony. “So the indications are that money invested in property will continue to work harder than in many other investment vehicles where returns can be poor.
“Following ‘Brexit’ there may still be unanswered questions, and potential nervousness. For instance – the need for more clarity on the future of EU nationals who have settled in the UK. Many such tenants and workers in the private sector are waiting anxiously for reassurance.
“But, in the meantime, the Bank of England has pegged the base interest rate and given landlords the hope that it will not increase in the immediate future. And interest in tracker mortgages is soaring to a new level, too. So the safer haven of ‘bricks and mortar’ looks set to continue as a much less volatile asset.”