Residential and Commercial Property after Brexit
If Brexit is the outcome of the EU referendum announced for the 23rd of June by Prime Minister David Cameron, then a drop in the prices of residential and commercial property could happen.
The date has been set and the in’s and out’s campaigns will now commence in earnest in the run up to the day of the referendum, both sides are ready to do battle, Boris Johnson declared late yesterday that he will be joining the out campaign.
According to a recent report, online estate agent eMoov has warned that house prices could drop by 5% if the UK votes for out . The company thinks that it won’t necessarily be the leaving of the EU itself that would cause house prices drop, but the uncertainty amongst homeowners and buyers as to what will happen next.
An article in The Telegraph yesterday stated research has found that up to 200,000 workers could leave London if the UK exits the European Union, this would result in a huge correction in commercial property prices, the change in the office market could also have a knock-on effect for residential property. The levels of vacancies would hit the value of London’s office rental market, driving rents down as demand reduces, which in turn affects the value of a building.
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