Despite a dire warning last month from Bank of England Governor Mark Carney, who said that property prices could fall by as much as a third in the event of a ‘no deal Brexit’, it seems the public don’t agree.
A recent poll conducted by property news and advice website, PropertyRoad.co.uk, found that 44% of the UK population believe that house prices would remain “about the same” in the event that the UK leaves the EU without securing a favourable deal.
The survey, conducted in conjunction with leading market research company Populus, asked a representative sample of 1097 members of the British public:
‘What, if anything, do you think will happen to UK property prices if the UK leaves the European Union without some sort of deal?’
The results showed that 44% of people expect house prices to remain static, 31% believe house prices will fall, whereas only 25% anticipate property values will rise.
There were also clear differences between the older and younger generations with only 20% of the over-35’s predicting property prices would rise after a no-deal Brexit, as opposed to 37% of those aged under-35.
The differences in outlook between men and women were not as clear-cut, yet, there was still evidence to suggest women are taking a more optimistic look at the consequences of a no-deal Brexit on property prices. Some 27% of women believed house prices would go up, versus just 23% of men. 44% of both sexes think property prices would remain the same.
“It doesn’t appear that there is a single viewpoint that’s dominating all others as the results are fairly well split. That’s perhaps an indication of the confusion felt by many as to exactly what a no-deal Brexit would actually mean for the country,” said Paul James, owner of PropertyRoad.co.uk who commissioned the survey.
“However, the survey does show that the majority of people are not particularly optimistic about property prices in the event we leave the EU without a deal. With only a quarter of respondents expecting house values to go up, there is a clear message that people are concerned about what a no-deal Brexit would mean for the value of their home. When you combine that with a general slowdown in the growth of property prices over the last two years it’s easy to see why many may put off moving until more certainty returns to the market.”
To view the full survey results, click here.