The of the UK property market froze in anticipation of the referendum

The upcoming referendum on the future of the UK in the EU has already had an impact on the real estate market of England. Especially noticeable fall in demand in the sector expensive and elite real estate in London and the South of England. Buyers are taking a pause in decision-making, yielding to the sentiment of uncertainty.

The Royal institution of Chartered surveyors reports that the number of transactions in the market is shrinking in all sectors of the UK property.

It is not surprising that the sector of the UK property slows down waiting for the outcome of the upcoming referendum. After expression of British confidence the market will come back and normal market activity will be restored.

In the event of a British exit from the European Union the recovery period can take a long time until the government will develop relations with the EU and sign a new trade agreement.

The RICS report notes that the greater impact of BREXIT, the market has undergone in the upper sector, in the sector of “below average” , where running the show by local buyers, the impact of the upcoming referendum is not so obvious.

Among the other sector, which now suffers from uncertainty regarding the future of the United Kingdom in the European Union, RICS considers student property. For the first three quarters of 2015 student property in the UK has invested more than £6.5 billion pounds. However, in the event of withdrawal from the EU may change rules of admission to British universities for foreign students, that will immediately affect the volume of investment in this sector.

In the case that the British will vote in a referendum for EU membership, the real estate market may experience a surge in demand as the market will rush buyers are postponing a purchase until the completion of the period of uncertainty.

® Alice Morgan. G. 04.05.2016

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