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Editor’s note: Expect the unexpected

Britain woke up last Friday morning to a new political and economic
reality.

The nation had barely digested the news that the UK had voted in favour of Brexit when the door of Number 10 creaked open and there was David Cameron, flanked by Samantha, announcing his resignation.

The issue of another Scottish referendum was also firmly catapulted back onto the agenda, raising yet more questions for flummoxed pundits.

Whether you are in deep mourning or celebrating the result, the ramifications of last week’s vote will be felt for generations.

Our Twitter poll of readers suggests that most brokers were in favour of Britain leaving the EU. So was the Mortgage Credit Directive the final straw for brokers fed up with red tape and constant rewriting of the rulebook? Or maybe our poll result reflects the wider political views of this fiercely independent group of professionals.

Regardless, the housing market undoubtedly faces turbulent times as both domestic and foreign property buyers make up their minds on whether UK bricks-and-mortar is still safe as houses.

Advisers will no doubt be receiving many troubled phonecalls from clients who are unsure whether to go ahead with purchases for fear of house price falls.

However, with John Charcol senior technical manager Ray Boulger suggesting we could see more cheap deals like HSBC’s headline-grabbing 0.99 per cent fixed rate, this could generate some much-needed extra business at a time when property sales are expected to slump.

Short-term pain seems inevitable, but will it lead to long-term gain, as the ‘Leave’ campaign argued? On this point we are scarcely any wiser today than we were last Thursday evening as we waited for the results to roll in. There is still so much left to decide.

Brexiting we may be, but economically speaking we are not an island. The future health of our finances will still be subject to global shocks.

After such a fractured campaign in the run-up to the referendum, we now need political leaders to pull together to make a convincing case for investors to continue to back Britain and for large companies to maintain their UK headquarters.

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