How will the EU Referendum affect the Housing Market?
Over the years, there have been only two nationwide UK referendums, and this summer we are fast approaching the third one. This time around, just as we did in 1975, the nation will be voting on whether to remain a part of the European Union, and as expected the matter has stirred up a great deal of debate.
While it’s perhaps easy to understand why this subject is such an emotive one, it’s also all too apparent why so many people are still undecided about which way to vote. Whether you’re in the Cameron Camp or you prefer to Brexit with Boris, you may, like almost everyone else, still be a little unsure about how everything will develop.
A significant number of people on both sides of the divide have been offering their predictions for the housing market, and how it will be changing for better or worse once the votes have been counted. Here at James Neave, we have been monitoring the situation closely, and we are always happy to chat about the plus and minus points of the referendum.
The effects on the housing market of any political uncertainty tend to be fairly instant, and indeed this sector is often something of a litmus test for the whole economy. If the market in flats, houses and apartments stalls, the chances are the nation’s other sectors will soon be doing the same.
There are some aspects of the housing market which will almost certainly be affected from the start. If the UK decides to leave the EU, investing in overseas property may become more complicated, and it could be that we will see a slowdown in the number of foreign investors looking to buy British properties.
On the other side of the coin, if the population votes to stay in the Union, the housing market will no doubt stabilise almost immediately. In the months leading up to the vote, the economy in general tends to be in a state of limbo, as the movers and shakers wait to see what happens next.
Whichever way the people of Britain go, there is every chance that the earliest indicators of change in the housing market will be seen and felt in the south-east of England. And because of that, we here at James Neave are at the cutting edge of the developments.
If you’re unsure about how things will pan out, we’ll be delighted to have a chat with you. Give us a call today on 01932 221 331 and let’s discuss the possibilities.