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|Comment from John Phillips, Spicer Haart and Just Mortgages, on the referendum result|
|Friday, 24 June 2016|
John Phillips, group operations director at Spicer Haart and Just Mortgages, says “It will be an interesting time over the next few days, I expect people to panic like mad and then things will calm down again. Similarly there will be a slight economic slow down while people decide how things will affect them and then it will pick up again after a brief period of adjustment.
“The mortgage market had been racing away again reminiscent of pre-2007, but then slowed down a little bit in the couple of months building up to the referendum back to more normal levels and I think that this is what we will stay at until the end of the year. In some ways this is a positive for the housing market as it will bring more normality back to the market. We still have a chronic shortage of houses so I don’t think that house prices will drop or that people will stop buying or selling. What we still need it for house builders to up their level of building again, although this may stay depressed for a little while to come.
“The beauty trade wise is that in the next two years we have the best of both worlds, we will still be in the EU but we will also be able to start trading freely with the rest of the world. There are already calls for referenda in other EU countries, so in the next two years the EU is likely to look like a very different place.”
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