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Leave vote doesn’t reduce the demand in the UK housing market

01/07/2016
 
In voting to leave the EU, the UK has made probably its most profound economic and political decision in 60 years. The Leave vote doesn’t reduce the demand in the UK housing market. However, in the immediate aftermath, we expect a quiet summer for sales as buyers consider the wider economic implications. But even if the economy were to slow sharply, low interest rates mean forced sales are unlikely. We don’t expect a marked negative impact on property prices. Indeed if developers scale back and new housing supply contracts significantly, there may even be upward pressure on prices. Prime London is most exposed to greater risk, but the underlying fundamentals (lifestyle, safe haven and education offer) remain robust. Overseas investors may benefit from a weaker pound, including institutions investing in large scale build to rent and individual investors.
 


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