Comment Magazine Issue 5

At home on the
South Coast
The residential property market post Brexit
The old adage and TV favourite Location, Location, Location has never been
truer when it comes to the residential property market along the South Coast.
Comment caught up with Ian Peach, Head of Residential Property at Coffin Mew,
to discuss the market and what impact the EU referendum may have had.
Hampshire, West Sussex and East
Sussex offers home buyers a wealth
of attractions. From world-class
sailing, the beauty of the Meon
Valley and the South Downs National
Park, vibrant and historic cities and
towns to first class infrastructure, it
is perhaps understandable why so
many people choose to call it home.
But its popularity can make it difficult
to get on to the property ladder, and
a challenge for those wishing to move
up. It is a story that is echoed across the
South East.
Ian Peach has led Coffin Mew’s
Residential Property team for almost three
years, and has been involved in the South
Coast residential market for well over 25.
It has always been a particularly
competitive market, he says, regularly outperforming
other parts of the country.
The UK’s decision to leave the EU gave
the property market a jolt, but seemingly
no permanent damage.
“The Brexit decision certainly did have
an impact on the residential market,”
says Ian. “After the 23 June referendum
we saw an almost immediate blip with
transaction numbers.
“Overseas buyers and investors were
particularly nervous, perhaps concerned
over currency fluctuations, with some
pulling out of purchases altogether. We
also saw some domestic buyers attempt
to use Brexit as a reason to renegotiate on
previously agreed purchase prices. Some
were successful, but most were not.”
The Royal Institution of Chartered
Surveyors (RICS) reported the same
reaction across the country, with buyers
falling away. But by September it had
reported a return of confidence to the
UK housing market.
“It appears to be back to business as
usual,” says Ian. “The fall in late June and
July was followed by a decent recovery
in September. Like-for-like activity in
September and October this year is 11
per cent up for us on the same period in
2015. This year alone, our team at Coffin
Mew has transacted homes with a total
value in excess of £750 million. People
still want to buy and own their own
home here on the South Coast.”
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