The National Association of Estate Agents says it is unlikely that there will be price drops for homes in the very short term – but it cannot guarantee the same in future.
“As a result of the vote for a Brexit, we expect international investors to look a lot harder at the UK as a potential market to buy in and this will have a knock on effect on the house building sector, as investments may be delayed or put off completely” says NAEA managing director Mark Hayward, writing on the association’s website.
“Although in the short term, we believe that house prices will remain stable, we cannot be certain about the next quarter as political uncertainty and market unrest could affect the housing market” he adds.
“As this month’s [NAEA market report] findings show, the supply of available housing is still extremely low compared to this time last year, which is particularly worrying. As we continue to say, there are simply not a sufficient number of homes available in this country to cater for everyone’s needs and a Brexit could impact the skills required to drive property developments in the UK.
“This means that in the longer term, something will need to give which regrettably could mean a surge in house prices or buyers struggling to find a suitable property in order to move or get that first foot on the ladder.”