There was plenty of speculation about how the property market would be affected by a Leave vote in the lead up to the Brexit referendum. The outcome of the vote seems to have taken our political leaders by surprise and has led to David Cameron’s resignation.

It is interesting to note that there did not appear to be any wobble in the property market in the lead up to the referendum. In fact, for the first half of the year, Rightmove reported that house prices hit an all-time high, with fewer homes coming on to the market. This contrasts with the dip in activity in the corresponding period last year, in the lead up to the general election.

Prior to the referendum Miles Shipside, Rightmove’s director and housing market analyst, advised sellers not to be over-ambitious on asking prices, and in particular ‘Given that housing markets dislike uncertainty, which could become a reality in the event of a Brexit vote, any dampening of buyer activity might mean that more realistic pricing would be an even more critical factor to achieve a sale.’

Nobody knows what will happen and it will take a while for the dust to settle after the Leave vote, but Estate Agent Today reports the outlook is uncertain, with an immediate slowdown or house price fall expected in the short term, until the market takes stock and policy direction is clarified.

The team at I Am the Agent, the UK's largest online estate agency, will keep you posted ...