E U Update: June 2016. What a month! (And it’s not even over yet)!

Well June 2016 has definitely been a busy, engaging, exciting (and disappointing one)!

We have had so far, the EU Referendum, European Championship Football, the start of Wimbledon, in fact there is so much going on I have stopped listening to the Archers, I wonder how they are getting on in Ambridge with their latest story line?

Sadly we watched in disbelief as the news unfolded in the middle of the EU referendum canvassing, as Jo Cox MP was murdered in her West Yorkshire constituency in what has been described in the press as a “politically motivated killing!”

We then had the referendum and those who believe in democracy accepted (or were delighted), with what most have described as an unexpected result. Whilst those who claim are truly democratic but didn’t win, are blaming everyone but themselves and demanding another referendum.

On that interesting point, in the last few days, I have seen on social media, two further demands for a referendum. One because an historian was ultimately unhappy with the outcome of the battle of Hastings in 1066 and the best one (in my opinion), for the lady (or gentleman), I cannot honestly remember whichJ), who demanded a re-draw with the Euro lottery because they hadn’t won the jackpot!  To be honest I think the last two are more plausible than the first one!

Finally Scotland who voted in their own referendum to be part of the democratic United Kingdom now don’t like the result of the EU referendum even though they voted in favour of staying AND THEIR VOTES (BOTH FOR AND AGAINST)! Counted towards the final total. It appears (if the media is ever to be trusted), they now want another Scottish referendum as they want to be more independent leaving the UK to be more in control (and hopefully accept money) but be ruled by BrusselsJ!  This has resulted in a number of major house builders worried about the current uncertainty of the housing market (God knows why we are currently in need of at least 500,000 additional properties just to service the current market), to put in bid to rebuild Hadrian’s Wall J!

At least we had a glimmer of pleasure and hope over last weekend when Glastonbury in all its muddy glory, gave us Adele and Coldplay headlining but for my best enjoyment, ELO were amazing! I really had forgotten how many hit songs they had made in their 46 year reign.  Even Monday 27th got us off to a great start with Marcus Willis (No.23 in the UK and No. 772 in the World) beat Ricardas Berancis from Lithuania ranked 718 places higher in the World at No. 53!  His reward a match against Roger Federer in the next round “Legend”!

Then back to the euros and yes well played Iceland (the country not the shop)! And for the second time in a week we find ourselves out of Europe! With this also came the resignation and retirement of Roy Hodgson the England Manager.

So what’s the state of play today? 28th June 2016.

Well as well as Roy Hodgson, our prime minister has also resigned, the conservative party are in turmoil! However not to be outdone the Labour leader spent Sunday watching most of his shadow cabinet resign (approximately at a rate of one every hour). This brought great humour to the benches of Westminster on Monday at Prime Minsters question time when David Cameron stood up and addressing Jeremy Corbin on the opposite bench quipped “Well I thought I had had a bad day!”

Whatever happens, the current political and financial situations are going to remain unsteady until the ship is settled and the course is set. There will be issues in the London Property Market as that (at the top which filters down), is heavily influenced by foreign investment. Although the market had already started to slow down several months ago and that meant that increased prices have started to spill out to the suburbs and beyond.

It really does not appear to be as bad as the papers and television would have you believe. Yes the pound dropped 50 points (but made up 47 of them before closing)! They don’t tell you that do they! Why not? Simples, because it is not sensational and won’t sell newspapers. We have had blips like this in recent times in 2010, 2013 in fact any general election, referendum or major political event does this and there will always be something to worry about. For Goodness sake you think you have worries I support Newcastle United!

It is in our DNA as a nation to work hard and succeed, the markets are jumpy and will return. Keep the faith, work hard and reap the benefits. That’s what I and my company are going to do and we are very happy! Good luck.

If you would like to discuss investing in the Durham property market or require any advice, help or assistance with the lettings, or management of your existing rental property or portfolio, please feel free to call me at my Durham Office on 0191 212 6970 or e-mail me on john@acornproperties.co.uk