Auctioneers are reporting a lull and sense of disbelief after Britain’s vote to leave the European Union.
Allsop’s head of residential auctions Gary Murphy called the decision a regressive move and feared the effects of the resulting uncertainty. He said: “It will have an impact in the short term.”
The vendor of some high-value flats opted against selling them after seeing the referendum result, he said.
The day after the vote was very quiet, Murphy added. “The phones didn’t ring and there was reflection and disbelief,” he said.
He warned that the prime market was most at risk, and that catalogues might be smaller for the next few months, but felt it was important not to panic.
Oliver Childs, Lambert Smith Hampton’s head of auctions, said: “I have seen a shock factor over the past few days. There is a lull in comparison to the activity we would normally have.”
However, he hoped business would pick up and that the secondary market would be seen as secure and stable compared with less tangible stock market investments. The “mid-market” would be “a little bit below the Brexit radar”, he added.
Savills’ director of national auctions Chris Coleman-Smith agreed the sub-£1m market would be relatively protected but said his auction house was being more selective about the lots it was taking on. “We are being firmer on prices”, he added.
Clive Emson Auctions managing director James Emson said his firm’s website had recorded the usual number of hits over the weekend. “It is far too soon to be judging what the market’s going to do,” he said.
However, he urged the leave campaign to “start getting its plans in order”.
