Will leaving the EU affect the UK property market?
On June 23 the day will come that many investors, buyers, and sellers have been waiting for. The referendum will be held determining whether Britain will remain in the EU or make the decision to leave. We can only predict how the referendum results will affect the property market.
Many buyers and sellers are delaying their moves until the results of the referendum are made, which is to avoid any cost increases or new schemes introduced by the winning result.
Shown in figures, within the 18 months leading up to the Scottish referendum in September 2014, property sales went down by roughly 10% showing the uncertainty of the locals and their thoughts on how the results will affect them.
After the referendum, the property market could either have a huge increase or a huge decrease in investors that are delaying decision-making until the results are known.
Leaving the EU could have any possible outcome on the market. Property prices could go up, go down, or may even stay unaffected. The uncertainty of the outcome is causing many buyers and sellers to hold back on any decisions they are to make. If leaving the EU causes costs to rise, the property market is under risk. However if costs involved in the properties decrease, the market will have a huge increase of buyers, sellers, and investors.
However remaining in the EU would ensure the customers in the property market that no major changes will take place and their property costs should remain the same. Only the results can determine the outcome, and even so, will either result even have an impact on the housing market?