ESTATE agents in Wellington remain confident about the future of the local homes market despite the UK’s vote to leave the European Union.

In the run-up to the referendum Chancellor of the Exchequer George Osborne said house prices could take an 18% hit over the next two years in the event of an ‘out’ vote.

But Symon Jeffrey, partner at Wilkie May & Tuckwood in Wellington High Street, said he had not seen any negative effect in the immediate aftermath of the vote.

He said: “Not knowing quite what to expect on Friday morning following the EU Referendum, the weekend came as a pleasant surprise with nine offers having come forward from prospective purchasers, all on separate properties of varying values, six of which have now been agreed.

“While there are undoubtedly changes and challenges ahead, the appetite for the housing market here in Wellington continues to be strong, with the town continuing to grow and prosper with the M5 corridor being a key factor in the town’s success. 

“People continue to move, demonstrated by the number of valuations we are conducting and is in line with what we would expect for this time of year, with 14 valuations booked for this week alone. So for us it’s sleeves rolled up and business as usual.”    

Nick Girone-Maddocks, branch manager at Gibbins Richards in Wellington High Street, was also upbeat, stressing the west country’s inherent virtues.

He said: “The Brexit result surprised many and, of course, the rumour mill started very quickly suggesting ten-year recessions and ‘realigning’. Since the result we have seen activity around our three Somerset offices remain buoyant.

“One must remember that, whatever the economic situation nationally, or globally for that matter, there should always be good demand for houses in the west country. It is, after all, one of the best rural regions of the UK. Fear not, Wellington folk, we’re still selling houses!”.

Roger Sattler, manager of Webbers Estate Agents in South Street, Wellington, said for now, at least, it was business as usual. “I’m not sure that anything that was said by any politician before the EU referendum can be relied on as being truthful or accurate,” he said.

“Making any kind of prediction about the future of house prices is almost impossible at any time and with the unprecedented events in British politics over the past week or so, I think that there is still a long time to go until we actually exit the EU and so for now at least it is business as usual.

“I understand the concerns that many people have but putting long-term plans on hold is perhaps not the thing to do and it may just be the right time to take advantage of the relatively healthy property and mortgage markets with both stable prices and low – if not even lower – interest rates!”

Before the referendum vote Mr Osborne said house prices could be lower by at least 10% and up to 18% compared with what was expected if Britain remained in the EU. The Office for Budget Responsibility had predicted a rise of 9.4% over the next two years, meaning the Government forecast suggested homes would be worth between 0.6% and 8.6% less in cash terms than now.