So
we now know the result of the EU Referendum,
It was a long, indeed a very long, Referendum campaign that seems to
have been more focused on shoutings and fairly nasty so called debates rather
than sensible arguments and discussions but we now have a result.
Penicuik voted to Remain in the EU by 62% to 38%, Scotland
voted to Remain in the EU by 62% to 32% but the UK voted to Leave
the EU by 52% to 48% thanks largely to voters in England and Wales who voted
strongly to Leave.
So
what does this mean for investors in the Penicuik property market.
Simply put, it is not time to do anything dramatic but
rather it time to pause for reflection.
Penicuik
property in itself is not that affected by whether we are in the EU or not as
most of the property laws as well many of the financial aspects of property,
like mortgage rules and regulation, are set in Scotland or the UK. However, Penicuik property is affected by the
state of the UK and Scottish economies.
The
vote to Leave is will create short term uncertainty in the financial
markets as well as in the political corridors of power which will have a short
term negative impact on the UK and Scottish economies which will in turn have a
short term negative impact on the Penicuik property market.
On
top of this, given that Scotland voted strongly for Remain
in the EU but is being forced to Leave
the EU by its English and Welsh cousins there is the possibility of Indy Ref 2
which will create more uncertainty.
So
why do I not take action immediately I hear you say?
The
simple answer is that property is a long term investment and a wee bit of
patience is needed to see what the medium to longer term prospects will be for
Scotland, for the Scottish economy in general and for the Penicuik property
market in particular as the UK prepares to Leave the EU.
After
this pause for reflection, be ready to take strong, bold and decisive action as
there will be opportunities in the Penicuik property market as a result of the
UK voting to Leave the EU for the savvy and the brave .... change always
creates opportunities for the savvy and th brave!
So,
sit tight for a while to see how the land lies in the new brave new world, take
on board advice from credible sources including the Penicuik Property Blog and
then decide what to do with in the Penicuik property market.
The Penicuik Property Blog ......
we have our finger on the Penicuik property pulse!
If
you would like any advice on the Penicuik property market after the EU
Referendum, feel free to pop into my office at 6 Bank Street, Penicuik, EH26
9BG, for a chat, give me a call on 01968 674601 or email me on
lettings@thekeyplace.co.uk.
A few more interesting articles about the
Penicuik property market:
- Penicuik property – weirdest deal breakers http://bit.ly/28QAmw4
- Penicuik or Dalkeith for a Buy to Let investment. Which is the best? http://bit.ly/1Pv7ouS
- Who is to Blame for Crisis in the Penicuik Property Market? http://bit.ly/1VOjs0V
- £4,400 helping hand for Penicuik first time buyers http://bit.ly/1XSYJJd
- ‘Generation Rent’ in Penicuik to grow by 40% by 2021 http://bit.ly/1Wl9LrD
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