Brexit has slowed the market, but recession not certain, says property agent
An estate agent in Westcliff-on-Sea has highlighted the ‘battle’ homeowners face to sell a property in the current climate, given people’s uncertainty over Brexit, but stressed that he didn’t believe a recession was likely.
Barry Mustafa, an estate agent with over 12 years’ experience, has run BM Property Agents in the town’s London Road for the last three years. The business covers Southend and Leigh-on-Sea as well as Westcliff.
He says: “I don't think there will be a recession, although it's constantly spoken about, but Brexit has definitely slowed the market down. Prices have dipped over the last year or so, stabilising somewhat this year. My own view is that they will remain stable over the next six months or so in this area, while Brexit may also have affected the market in London because of overseas buyers.
“If there is a drop, I can’t see it being huge. But it’s still more of a battle these days. It used to take between three and five viewings to sell a property – now it’s harder.
"If you’re buying, though, it’s a buyer’s market and there are definitely deals to be done.
“Changes to legislation have also made things more complicated.”
Mustafa set up the agency on his own to remove the bad practice he says he’d come across when working elsewhere in the industry. He now has a second employee, who owns the business with him on a 60/40 basis.
While the pair are currently working more on the lettings side of the business, they hope to work more in property sales in the future.
ENDS
Notes to editors:
For more information contact Barry Mustafa on 07885 980116 or email barry@bmpropertyagents.co.uk
You can also visit https://bmpropertyagents.co.uk/