eMoov Reacts to EU Referendum Result

With around 52% of the vote, the UK has decided to leave the European Union. Online estate agent eMoov.co.uk has reacted to the EU referendum result.

The outcome was revealed this morning, with 51.9% of the British public believing that the UK is stronger alone.

The CEO of eMoov and former Brentwood First Party councillor, Russell Quirk, explains what the property market can expect from the Brexit.

He says: “Many will be running to their nuclear bunkers now that the apparent end of the world is nigh. But before they do, they might want to take a breath and sit tight. We’ve voted to leave the EU and, regardless of personal views, we must respect the democratic position of the populous.

“We don’t anticipate any tangible difference where the UK property market is concerned, and the supply and demand balance that is currently dangerously out of kilter will see little sign of stabilising itself.”

Quirk looks ahead: “Going forward, the UK market will go from strength-to-strength, perhaps with wobbly knees as it emerges from the clutches of the EU, but it will soon find its feet again.

“There may be many buy-to-let landlords and second homeowners rushing to list their property for sale in order to maximise their profit, before the Armageddon on the horizon destabilises the pound.”

He continues: “Ironically, it will be these people flooding the market with additional stock that may see prices cool ever so slightly. However, property values increased by 6% over the course of 2015 and we predict the same rate of growth by the end of 2016.

“Homeownership will remain far out of reach for the average UK citizen and the overwhelming swell of demand for property will remain despite our choice to leave the EU.

“This could, however, be the final nail in the coffin for the prime central London market, as the capital’s high-end properties have never been less desirable in the eyes of foreign investors. With demand having slumped to record lows over the last year, it’s not looking good for the capital’s property elite.”