Apart from Donald Trump and the Queen’s 90th birthday, few topics are currently dominating the papers as much as the debate surrounding a possible Brexit from the European Union.
The impact of a Brexit on the property market would depend upon its impact on the economy, generally in terms of growth and trade. The 2015 Smith & Williamson property survey has revealed how the property and construction sector in the UK want to remain part of the EU, with only 15% of respondents suggesting that a British exit from the EU would have a positive impact on the industry.
In addition, a survey earlier this year by accountants KPMG found that 66 per cent of real estate experts believed that ‘Britain leaving the EU would have a negative impact on inbound cross-border investment’. (http://www.winkworth.co.uk/)
However, many also believe that a Brexit could be the key to finding a long-awaited independence and the only way in which Britain could regain political sovereignty.
All of the most recent research has demonstrated that business confidence is growing, indicating a particular belief in commercial property over the next 12 months. Despite experts suggesting that the market may cool down in 3 – 4 years, they are certain that there will be no crash or catastrophic price drops, which is emphasised by investor confidence improving, particularly in Greater London and regional cities.
Most industry experts believe that if a Brexit were to happen, it would only be the central London property market that would be hit. These concerns are being mirrored by the fact that investors are now looking further afield as risk in Greater London and regional cities looks very unlikely.
The savvy individual is placing their money in up and coming areas, such as Croydon and Greenwich, where prices have increased by about 40% over the last 15 years (Zoopla).
That is why we have put our money where our mouths are, and have invested in growing areas that are incredibly popular with first-time buyers. These areas include Croydon, Sutton, Epsom and Chertsey, where bargains can still be found and the quality of life be high.
To find out more about our vision for home ownership across the UK, please contact the team on 020 8688 6552.