Rupert Pontin, director of valuations, Glass’s, said:
“This is an interesting result that sees the UK very much embark on a new chapter that is largely unwritten. If the Brexit voters are correct in their thinking, it could create greater prosperity for the country in the long term but, over the next few months and years, the road is likely to be very bumpy. Markets will be affected, as will the value of the pound, and we expect to see consumer confidence tail off until the view of the way forward becomes clearer. How long this will take is difficult to predict. For the motor industry, all of these developments are very likely to have negative effects including a period of instability for new and used car sales, as well as an increase in pre-reg activity and downward pressure on values. There is also likely to be further political instability as a result of the referendum outcome, both at home with the ruling government and across Europe as the EU comes to terms with the decision, which will create further uncertainty. Whatever the outcome in the longer term, there are plenty of challenges now facing the motor industry and the UK as a whole.”
