London property price could experience slowdown before Britex vote in June
In a poll of 1,000 homeowners in the UK by estate agent Bishop’s Move found that 47% of people in London would delay any purchase or selling or property until after the EU referendum with only 20% saying that it would not effect their current decision.
Sterling fell after the referendum date was announced and the debate kickstarted. Several investment banks, including Citi and Goldman Sachs, believe sterling will lose a fifth in value in the event of a Brexit, which would have implications for the property market.
Chris Marshall, sales & marketing director at Bishop’s Move, said the survey “does paint a picture of the both the attitude towards the EU referendum amongst London homeowners and also their approach towards the price of property in the capital”.
“It’s actually a very similar situation we found in Scotland during its 2014 independence referendum,” he said. “Significant policy decisions can severely impact the UK housing market and our own research last year also found almost a quarter of those looking to buy and sell a property delayed their move by 1-4 months in order to wait for the outcome of the general election.
“However, whilst these results point to a slowdown in the build-up to June, we fully anticipate business to resume as usual, particularly when the school holidays arrive and everyone wants to get their moves completed during the break.”