'Not since the 1940s have we had a more eventful period'

In fact, since the result of the EU referendum came through in the early hours of 24^th June, not since the 1940s have we had a more eventful period in British political history.

Cameron quits, Carney pops up to calm market nerves, the FTSE and sterling plummet, the Labour party descends into turmoil, Gove stabs Johnson in the back, markets bounce back, Farage rides off into the sunset, Corbyn holds on. You couldn't make it up.

What we do not know yet, of course, is how Brexit and the UK's withdrawal from the EU will affect our trading relations, currency, economy and, for the sake of this column, property market.

What is evident, though, is that there appears to be a real commitment at the Bank of England to ensure stability and support for the economy in the short- to medium-term. 

An interest rate cut is now very possible in mid-July, while the Bank is also ready to restart its money printing if need be. Threadneedle Street may also relax banks' 'counter-cyclical capital buffers' in order to stimulate lending.

Now an interest rate cut, if only by a quarter of a per cent, will naturally provide a fillip to the property market. For many, the cost of borrowing will drop immediately.

But even without a cut, there are strong structural reasons why a major correction in the property market is by no means certain.

Employment is still high, the cost of living low, while the age old imbalance between supply and demand will continue to act as a glass floor on prices. Even if demand drops as people – as is inevitable in a climate like this ­wait and see, supply is so weak that prices, many argue, will only fall so far.

But the truth is, nobody really has any idea how things could pan out. And until we have a new prime minister and a viable opposition in place, not to mention a plan and timeframe for implementing Brexit, a degree of volatility is guaranteed.

Here at Dragonfly, we're certainly not overreacting. Despite ongoing uncertainty surrounding the EU referendum result, we will continue to actively support brokers, borrowers and property investors – and closely monitor market conditions.

In line with other specialist lenders, we'll naturally fine-tune our risk where necessary, but you can rest assured that our appetite for viable projects and deals, and emphasis on capital preservation for our investors, remain as strong as ever.

Attributed to Mark Posniak, Managing Director of Dragonfly Property Finance.