Plymouth’s property market is standing firm against the ‘Brex’ Factor

Date 1st February, 2019
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Property professionals say the Plymouth housing market is showing plenty of resilience in the face of Brexit uncertainty – but the dreaded ‘B word’ is still a factor.

Ben Dreher, chair of the Plymouth Area Property Professionals Association (PAPPA) and Director at Lawson Estate Agents in Plymouth, said that there is much to be positive about and transactions are holding steady.

“There is clearly some caution in the market, but while there are people who are standing firm and refusing to buy because of Brexit, there are as many still willing to take the plunge,” said Ben at PAPPA’s first quarterly meeting of 2019.

“As always, the key is getting an accurate asking price and with their many years of experience and industry knowledge, that is something our members are very good at.

“Historically, the Plymouth property market has always been pretty resilient and there is no reason to think it won’t continue to be, certainly long term.”

PAPPA members have also reported there are clear signs that many people are staying put and choosing to update their homes, rather than sell at this time.

“It may also be a case that people are considering whether to spend money on a new kitchen or other refurbishment project to increase the value of their property and again, this is something PAPPA members are well placed to advise on,” added Ben.       

Mark Slade, of Property Consultants Bruton Knowles, said that in terms of the commercial market, Brexit was having a major impact in one area in particular.

“There is a huge demand for freezer warehousing across the UK so clearly, there is some major stockpiling occurring in readiness for Brexit,” said Mark.

“I also understand that the new Wren kitchens store at Marsh Mills is extremely busy, which would tend to suggest that, right now, many people are choosing to stay put and upgrade their current homes.”

His observation was echoed by Chartered Building Surveyor James Barron, of Barron Surveying Services Ltd in Plymouth.

“We have done quite a number of condition reports recently, which would certainly hint at people looking to upgrade and improve their existing properties,” said James.