“A short-term fall in house prices and sales could follow the UK’s decision to leave the EU, although Sterling’s slump could lead to a “Brexit Bubble” in the most expensive pockets of the market.” according to property experts, reports by the Guardian
Property experts also made the following findings:
The Royal Institution of Chartered Surveyors (RICS) had previously said that “uncertainty over the outcome had driven the biggest fall in the number of people trying to buy a property since the financial crisis”
The Treasury had forecast a fall in house prices of up to 18%
The National Association of Estate Agents (NAEA) also predicted that Brexit would cut levels of immigration and depress future price rises, leaving the average UK house worth £2,300 less in 2018. It predicted a £7,500 fall in London.
Richard Donnell, insight director at property consultancy, Hometrack said:
“As a result of the vote, the near-term prospects for the UK housing market looked very uncertain,
“The immediate impact is likely to be a fall in housing turnover and a rapid deceleration in house price growth as buyers adopt a wait and see the short-term impact on financial markets and the economy at large.
“…The decision to leave the EU will be most keenly felt in the London housing market, which is fully valued and already facing headwinds. House price growth is already weak and running in low single digits in Central London areas, and modest price falls now appear likely in higher value markets as prices adjust in the face of lower sales activity.”
David Brown, the head of agency, Marsh and Parsons also said regardless of the referendum result, there was still plenty of pent-up demand in the UK housing market “and a Leave vote doesn’t change that overnight.
“When you think back to before the financial crisis and the volume of transactions we were witnessing on an annual basis, there’s clearly scope for further improvement. The decision to leave doesn’t alter the fact that plenty of people have to and still want to move.”
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