Brits fear their house price won’t recover for five years if the UK votes to leave the EU
As the EU referendum looms and the nation worries about everything from immigration to the economy, it emerged today that the public is worrying about the price of their home too.
Research from Wellesley Finance showed that 61 per cent of Britons who think their house price will drop if Britain leaves the EU worry it will take five years or more for the value of their properties to bounce back to current levels; 29 per cent think it will take ten years or more.
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Online estate agent eMoov said in February that 55 per cent of people think leaving the EU would impact their house price.
The fears are heightened in the capital where 72 per cent of Londoners who worry about their house price in the event of Brexit think it will take five years or more for the property market to heal.
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 the short-term drop in property prices is due to the short-term uncertainty. Prime 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."
Kames Capital's David Wise said the UK property market could benefit from a surge in investment if the country votes to remain in the EU.
"Everyone is concerned about the Brexit vote but no one is asking what happens if we vote to stay in the UK," Wise said.
"Thus far the uncertainty over Brexit has caused the market to slow down in terms of transactions, with a wait and see attitude among investors, but we could see a strong second half for property after the June vote for this reason, if the UK stays in the EU."