UK house prices ‘could take five years to recover’ from Brexit
The majority of Britons who fear that the price of their property will fall if Britain leaves the EU believe that the road to recovery will not always be easy.
Three in five (61%) Britons who think that their house price will decrease if Britain leaves the EU believe that it will take at least five years for UK house prices to recover from the impact that the change will have on the UK property market and wider economy.
Furthermore, 29% of those who think that their house price will decrease in value if Britain votes to Brexit, believe that it will take at least 10 years for the UK property market to stabilise following a potential exit from Europe.
The YouGov survey of 1,735 UK adults at the end of May, on behalf of alternative finance platform Wellesley Finance, found people were split on the potential impact of the EU referendum on house prices.
Younger generations were the most concerned, with 28% of 18 to 24 year-olds thinking it will become less affordable if the country votes to leave.
Meanwhile, 10% those aged 65-plus believe that will be the case, while 18% of people in this age bracket actually think affordability will improve.
Graham Wellesley, founder and chief executive of Wellesley Finance, said: “These figures show that people across the UK are deeply worried about how their properties will be affected if Britain votes to leave the EU later this month.
“We believe that a short term drop in property prices is due to the short term uncertainty. Prices in Central London above £1.5m have seen a slowdown already due to changes in Stamp Duty and the availability of funding. The property market under £1.5m appears to be stronger.”
Date: 13/06/2016 | Source: Property Investor Today
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