The Managing Director of ARLA (Association of Residential Letting Agents), David Cox, and the managing director of NAEA (National Association of Estate Agents), Mark Hayward, have commented on the UK’s decision to leave the EU. They say: “The outcome of the EU Referendum will create a period of uncertainty among homeowners, buyers, investors, landlords and developers. We can expect international investors to look a lot harder at the UK as a market, this will have a consequential impact upon the house building sector as investment may be stalled.
In the short term we believe that both prices, and rents, will remain stable, but we cannot be certain about the next quarter as political instability, and market unrest, could lead through into prices in the housing market. We believe that the UK housing market is resilient, as is the supply chain that drives it. But as we indicated in our Brexit Report last month, the bigger impact may well be in the skills necessary to drive UK housing development, and this is now a major concern for UK buyers and renters.”