Implications of “Brexit on UK property market
A vote to leave the European Union “Brexit” would cause house prices to fall significantly, George Osborne has said.
The Chancellor reportedly said yesterday on the ITV’s Peston on Sunday show “It’s already clear from the Treasury analysis that for example, there would a significant shock to the housing market, that would hit the value of people’s homes, and that would hit the cost of mortgages.”
The ” Out” campaign says the economy would flourish over the long term outside the EU as Britain would be able to strike its own trade deals, spend its EU budget contributions at home and scale back rules and regulations, Osborne responded by saying that leaving the single market would be “catastrophic” for jobs.
A new Treasury report is to be published in the next few weeks which will focus on the short-term effects on Britain’s economy and will look at the implications of an “Out” vote on the UK property market, Osborne said.
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