The housing market is beginning to pick up steam after a brief hiatus for the EU referendum.
A hundred days after the Brexit vote, economists are pointing to a greater level of activity and confidence in the property sector – and among businesses as a whole.
There is a sense that the significant decision to leave the European Union has been absorbed quickly by the UK population and everyone wants to return to business as usual, as quickly as possible.
Immediately after the vote, the number of mortgage approvals dropped to their lowest level in a year-and-a-half but the Council of Mortgage Lenders (CML) reported that August saw a bounce-back which undermined talk of gloom.
The Bank of England’s swift decision to support the economy, whatever it took, is seen as underpinning the recovery from immediate post-Brexit jitters.
Mark Hayward, of National Association of Estate Agents said a pick-up in activity has already started, and “generally there are good levels of activity and good levels of sales”.
Mr Hayward said there is now “more realism in the market”, adding “If a property is priced correctly, it will sell.”
Business more optimistic
Meanwhile, optimism among businesses about the UK economy has reached a post-EU referendum high, according to Lloyds Bank Business Barometer.
The net balance for economic optimism climbed by 14 points to 26% in September with overall business confidence also increased by eight points to 24% over the period, but was still languishing below a long-term average of 32%.
Firms were beginning to feel more positive about employment with the number looking to take on staff the highest for a year.
Hann-Ju Ho, senior economist for Lloyds Bank Commercial Banking, said: “Our September survey shows a rise in overall confidence but the latest results are mixed.
“The survey suggests the most pessimistic expectations for the economy have receded but the relative softness of business activity prospects still points to a slowdown in economic growth in the second half of the year.”