Brexit drag on transactions and prices to last until next year

A lot has changed since our previous Analyst. Distortions relating to the stamp duty surcharge alongside a weakening economic backdrop kicked the housing market into a lower gear earlier in Q2. And the referendum result has added to that downward momentum. But if we’re right about the economic effects of the Brexit vote being milder than consensus, the market should start to recover in 2017 and 2018, as economic growth and confidence return.