Ian Parker, Director of John Truslove Chartered Surveyors & Valuers with his take on the regional property market post the Referendum vote.

As is becoming increasingly clear to many who own and run businesses outside of Westminster, not much has changed since the predictions of doom and gloom following the Referendum vote.

The sun still came up the next morning and we all still rolled in to work.

And so it is in the commercial property world.

Whatever side you took on the Brexit issue, the vote has taken place and we need to accept the decision of the majority and move on.

The current instability of the markets and the volatility of sterling brings both opportunities and threats.

Opportunities for exporters who are able to sign new deals at current rates, but threats to importers who are not on pre-fixed prices or looking to strike new deals.

But in that respect we have been here before. It is not so long that we saw near parity for the euro to the pound, but nobody predicted imminent Armageddon at that time.

In the property sector there are clearly going to be opportunities with some investors looking to consolidate their portfolios and move into cash.

The decision by some major property investment funds to close their books for a short period has been caused by demand from sellers looking to move out, and this is likely to have a trickle down effect.

However, many with cash in their pocket will also be after bargains so the competition for prime properties is likely to be strong – which may drive up prices, rather defeating the idea of hunting for a bargain!

It will be interesting to monitor the returns from some of the regional auction houses in the coming weeks to measure the strength of demand.

Alternative investments rise and fall in popularity, one year hula hoops are all the rage, the next it is skateboards – or whatever the current fad (this metaphor may be slightly out of date!).

But property has always stood the test of time.

It is reassuring to be able to walk round your investments, to touch and feel them and invest in their upkeep and improvement.

And, historically, returns from property have always been good in the medium to long term.

That is why one of the first moves by business owners once they have found their feet and are trading profitably is to try and buy their own business premises.

Whether funded out of company earnings or bought through the shareholders’ Self Invested Pension Plans, commercial property can provide a reassuring nest egg for your eventual retirement.

The clever part is to be canny in what you buy and that is where your local established property expert comes into his or her own.

Knowledge of the local market over decades rather than years is invaluable.

It is not just the physical condition of a building and its potential use that dictates its value, it is also knowledge of developments, both infrastructure-wise and economic, that is crucial in the decision making process.

And when discussing location, we always return to the central location of Redditch and Bromsgrove at the heart of the UK, both geographically and economically.

In other words, “east, west, home’s best!”