60% of Property Professionals Believe We Should Stay In the EU

The majority of property professionals believe that Britain should remain in the EU, just one day ahead of the crucial vote on Thursday (23^rd June).

Landlords, letting agents, mortgage brokers, property experts and landlord insurance specialists all took part in the Landlord News poll at this week’s Landlord Investment Show in London.

A clear winner emerged by the end of the event; over 61% of property professionals claimed that a vote to stay in the EU would be better for the country and the private rental sector, while almost 39% believe that leaving the EU will be the best option for their businesses.

This week, the country will come out to vote in the UK’s first vote on Europe since 1975. Voters will be asked whether we should remain in the EU or leave.

Many recent reports have made suggestions on the potential outcome of the vote. The latest, from property portal Zoopla, claims that house prices will drop by 20% if we vote to leave.

Despite political uncertainty previously having an adverse effect on the property market, house prices appear unaffected by the forthcoming Brexit vote.

However, mortgage lending has fallen to a 12-month low ahead of the referendum, as buyers await the outcome.

Tenant eviction specialist Paul Shamplina, of Landlord Action, has witnessed a slowdown in the number of buy-to-let landlords purchasing properties.

“The property market doesn’t like uncertainty,” he explains. “If a landlord is looking to purchase, then watching and waiting makes sense.”

However, he understands that many landlords may not be in a position to buy after the referendum is decided, as a large number rushed to invest in the sector ahead of the introduction of the 3% Stamp Duty surcharge on 1^st April.

Shamplina adds that the influx of landlords investing further into the private rental sector could bring “a lot more property onto the market, which may bring rents down”.

Whether house prices or rents will come down if we leave, “only time will tell”, concludes Paul. But one thing’s for sure, property professionals believe we should stay in!