25th
Jun 2016
In spite of the doom and gloom scaremongering surrounding a Brexit, the market is starting to stabilise after the exit decision and lettings agents are particularly positive. An association for agents says that their members do not foresee any changes in demand, rental costs and supply being affected in any major way.
A survey was carried out pre-vote and more than two thirds of agents predicted that if the UK exited the EU, they were confident that there would be no significant or damaging changes to the PRS. A fifth did feel that the market could be damaged by numbers of international landlords leaving the UK market.
A third of agents did say that demand for rental property would fall because of Brexit making the UK not as appealing, however 55% feel the opposite as demand will remain as high as it is.
In the capital 43% of lettings agents felt that if the UK left the EU then numbers of people going after a property would diminish, as less people would be entering the UK.
David Cox, managing director of the association that carried out the survey, said: “There is no avoiding the EU Referendum at the moment; and whatever the outcome, we are likely to feel the impact of the fallout of this debate in different ways.
“However, it’s important to put this into perspective and not get carried away in a zeitgeist. As outlined in our recent Brexit Report, the lettings market hosts a large number of non-UK born citizens and any change in migration policy is likely to have an impact down the line, especially in London. However, our monthly report clearly shows the sentiment amongst members is that the immediacy of this effect is likely to be minimal.”
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