EU referendum and its effect on the property market
House-hunters across the UK are wondering what impact the upcoming EU referendum will have on the property market, and the likely outcome in the coming months is simply ‘uncertainty’.
The UK housing market has a propensity to sit tight when faced with the unknown, as evidenced in the run up to the general election and Scottish Independence referendum during 2014.
Of course, there are two potential outcomes after the referendum on 23rd June 2016:
If the UK remains part of the EU
The uncertainty over the future of the property market will be lifted and we would expect to see an increase in sales at the market returns to normality.
If the UK votes to leave the EU
A period of uncertainty will remain as the implications of this decision become more apparent and the market adjusts. At this early stage, it is difficult to predict how the market will react and time will tell what the changes, if any, will be.
In particular, we could experience less investment in the UK market along with a slowdown in the market. However, investment from outside the UK could help boost the market again in the event of an exit vote.
As we await the result…
In the meantime, we are likely to see a slowdown in the property market across the UK and a reduced enthusiasm to move before the referendum takes place.
If you are thinking of moving in the coming weeks and months, our experienced team are on hand to provide all the information and support you need. Get in touch with your local Meller Braggins office to find out more.
About the author: Nigel Lammas is the Managing Director of Meller Braggins and is based at our head office in Knutsford. With over 30 years experience in the property industry, Nigel is a fellow of the NAEA, a member of ARLA and is able to advise on a variety of property related matters. Contact Nigel via our Knutsford office on 01565 632618.