Will the referendum affect the property market?

A vote to leave Europe would have very little effect on the UK housing market. An economic consultancy says a vote for Brexit is unlikely to trigger a collapse in the housing market or the general economy. However, it cautions that the period before the referendum it could cause uncertainty because firms and consumers might defer major spending decisions.

Uncertainty in the short term might lead to a small drop in transactions and a slight easing in house price growth, but the prospect of Brexit driving a collapse in prices is slim. The report states that a Brexit would not affect sales of properties to overseas buyers, who see London as a safe haven due to its robust legal system, favourable property laws, stable governance and cultural draws.

However, they do say that a Brexit could hit house building, because of the number of construction workers born outside the UK.

The truth is, we don’t know how the market will react before, during and after 23rd June, but we do not anticipate a slowing down such as we experienced during the General Election process in May last year. So why not start the ball rolling if you’re thinking of moving. Call our team for a Free Valuation and Market Report and find out exactly where you stand. Whichever is the case, make sure you are EU or BREXIT ready!  01993 779020   Source: - The Economic Consultancy