A referendum vote to leave the European Union would pose a serious challenge for the UK property market, according to research from estate agency Carter Jonas.
As the Prime Minister embarks on a renegotiation of EU membership terms, findings from Carter Jonas’ poll of property experts show that 65 per cent believe that a Brexit would have a negative impact on investment in UK property.
Some 10 per cent of those surveyed said they would consider relocating their business to another EU country in the event of a vote to leave.
“Whilst the EU referendum campaign is still in its early stages, the majority of the property industry are concerned that a Brexit would make the UK less attractive for investment. There is a distinct uneasiness about leaving the European Union. Only around a fifth of those polled - 22 per cent - believe that a Brexit would have no effect on investment, while just 13 per cent think that it would have a positive impact” says Darren Yates, head of research at Carter Jonas.
Respondents cited other challenges to the property market in the next two years, including the ongoing housing shortage, rising construction costs, higher interest rates, the property industry skills shortage and planning reforms.
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Expected findings - and it looks like Cameron will be on the campaign trail for the next few months trying to save his legacy and make sure it doesn't happen!
Cameron's legacy was decided a few months ago when that salacious story broke!
But yeah, findings as expected. I also think they have a point. There would be a lot of upheaval and uncertainty, not least in the property market. This hasn't really been thought through by Cameron, whose party are ready and waiting to tear themselves apart over Europe.
No major surprises here. I think it needs to be set out - in a fair, balanced and unbiased way - what a Brexit would mean for the property industry. Until it's made clear, I don't think any of us can really make our minds up. It's all just conjecture, speculation and fear-mongering from both sides.
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