Homeowners and buyers were worried about market uncertainty. Businesses were worried about Brexit. And just about everyone was worried about the possibility – and then realisation – of a Trump presidency. But it seems one of those worries at least has proved to be unfounded.
According to figures from the National Association of Commercial Finance Brokers (NACFB) commercial mortgage enquiries rose by a massive 132% in October. If anyone was worried that Brexit would discourage businesses from growing or entrepreneurs from setting up new ventures, it would seem there was no reason to be, not yet at least.
Of course this is just one part of the picture. We’ve obviously heard the warnings that major corporations may move their headquarters out of the UK and clearly we won’t see any real implications until Article 50 is triggered. But what these figures do show us is that there is still huge appetite for growth and perhaps it would be wise to ensure we’re not being harbingers of doom to the point that those businesses that are feeling confident and do intend to grow end up changing their minds.
We all know how easy it is to talk a market down and often I don’t think enough emphasis is placed upon how dangerous this can be. Indeed, we’ve seen it countless times in the buy to let market with national press all but sounding the death knell for property investment. Those of us operating in the market know there is still a huge amount of interest and appetite for buy to let but you’d never guess that from reading the press.
So, yes, these are trying times and of course there is no good to be had from burying our heads in the sand and pretending everything is fine. But it is equally counterproductive to suggest things are worse than they are or to try and suck any more life out of the market.
Let’s take a tip from those business owners and start-ups who are clearly still moving forward with optimism. Let’s start 2017 on a good note.
