“The Only Certainty is Uncertainty”, Says HomeOwners Alliance Following Brexit

Friday morning brought the news that the UK has decided to leave the European Union, with 51.9% of the vote.

Now that plans for a Brexit are in full swing, the property industry is reacting to how the vote will affect the housing market.

Paula Higgins, the CEO of the HomeOwners Alliance, believes that “the only certainty is uncertainty” in the short term.

Uncertainty has certainly affected the property market ahead of the EU referendum, with evictions specialist Paul Shamplina noting that landlords have adopted a wait-and-see approach.

So how will our personal finances be affected now that the UK has decided to leave? This guide from landlord insurance specialists Just Landlords details how the Brexit will hit households: https://www.justlandlords.co.uk/news/brexit-will-affect-finances/

Higgins also reports that property sales fell ahead of the EU referendum, and this is expected to continue, as people wait for events to unfold before committing to big financial decisions.

The National Association of Estate Agents and the Association of Residential Letting Agents have responded to how the housing market will react to the vote to leave: /brexit-mean-housing-market/

Higgins’ full statement is as follows: “No one knows the impact of this momentous vote for the housing market, so, in the short term, the only certainty is uncertainty. This is bad news for financial markets and will probably impact interest rates longer term, so mortgage holders will want to watch this space.

“House sales fell ahead of the referendum, and we can expect people to continue to watch events unfold before making any big financial decisions. We can expect the rate of house price growth to slow nationwide, while in London, the limited housing supply could reduce the impact on house prices.”

We will continue to keep you updated with the property industry’s reactions to the Brexit vote and how the decision will affect landlords.