In an article I wrote last week, I discussed the impact of elections, referendums and tax changes that have impacted significantly on the Scottish market.
After the result of the European Referendum, the stability so badly needed in the market to foster confidence will be on hold for a while longer. The implications are momentous, but not only that, the result has inevitably already raised talk of the elephant in the room, which is a second independence referendum.
At this time, investors and businesses, as well as property buyers and sellers, savers and those considering retirement will be feeling a bit punch drunk at the moment, and increasingly anxious for a healthy dose of stability. Unfortunately for the time being, that is not something that will happen overnight. For such a monumental decision, there will be of course days, weeks and even months of uncertainly and although not something those in the property market wanted to see, we have become somewhat accustomed to this over the past few years.
My wish was five years of stability, which seems fanciful this morning. Today however, we still have clients to attend to and there is a workflow to be managed, short term profit seekers will raid the stock market, investors will consider their position, employers will look for opportunities to grow, people will decide on what is best for them and the dust will settle. As ever, we will all have to wait and see what unravels and ensure that we, at DM Hall LLP, are well positioned to offer our services in a professional and efficient manner.
All markets and all market changes bring opportunities but only if you are looking for them and you are willing to adapt to change.
Managing Partner, DM Hall