Brexit could knock 5% off house prices
February 23, 2016 - United Kingdom
If the United Kingdom votes to leave the European Union, house prices could fall 5%, warns a leading online estate agent.
With an EU referendum in the UK still looking probable despite Prime Minister David Cameron’s best efforts this week, an EU exit could see UK house prices drop by 5%.
Founder and CEO of eMoov.co.uk, Russell Quirk, says, “Should the UK public vote to leave the EU, we believe it could have a detrimental knock on effect to the UK property market. We’ve been part of the EU for over 40 years now, so it’s understandable that such a momentous change will lead to uncertainty amongst the UK public, as to the resulting implications an exit will have on them."
“This air of uncertainty will lead to inaction amongst those looking to buy and sell and the resulting dwindle in demand, will always lead to a reduction in house prices. We believe it could easily drop by 5% maybe more, so the average UK homeowner could see their property reduce by £11,000 in value.”
For many UK residents the impact to property prices will be their primary concern as their home is the most expensive asset they are likely to own.
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