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TODAY'S OTHER NEWS

UK house prices ‘could take five years to recover’ from Brexit

The majority of Britons who fear that the price of their property will fall if Britain leaves the EU believe that the road to recovery will not always be easy.

Three in five (61%) Britons who think that their house price will decrease if Britain leaves the EU believe that it will take at least five years for UK house prices to recover from the impact that the change will have on the UK property market and wider economy.

Furthermore, 29% of those who think that their house price will decrease in value if Britain votes to Brexit, believe that it will take at least 10 years for the UK property market to stabilise following a potential exit from Europe.

The YouGov survey of 1,735 UK adults at the end of May, on behalf of alternative finance platform Wellesley Finance, found people were split on the potential impact of the EU referendum on house prices.

Younger generations were the most concerned, with 28% of 18 to 24 year-olds thinking it will become less affordable if the country votes to leave.

Meanwhile, 10% those aged 65-plus believe that will be the case, while 18% of people in this age bracket actually think affordability will improve.

Graham Wellesley, founder and chief executive of Wellesley Finance, said: “These figures show that people across the UK are deeply worried about how their properties will be affected if Britain votes to leave the EU later this month.

“We believe that a short term drop in property prices is due to the short term uncertainty. Prices in Central London above £1.5m have seen a slowdown already due to changes in Stamp Duty and the availability of funding. The property market under £1.5m appears to be stronger.”

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    I think affordability will improve. If property prices decrease, then younger generation should be able to buy a house, especially out of London.

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    The problem Sue is that no lender is going to be giving mortgages to FTBs in a falling market, so nothing changes until the market is on the up again. So yes, affordability improves but lending worsens.

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    "UK house prices ‘could take five years to recover’ from Brexit"

    Aliens may land in Trafalgar Square
    Notts County might win the Premier League
    Elvis Presley might reappear

    Lot's of ifs, buts and maybes but no facts yet again

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    What is the issue with house prices dropping? If you don't intend to move house you are not affected. If you do intend to move house and the value of yours has dropped so has the one you are buying. It is no different to prices going up and you have to pay more for the one you are buying. It is all relative and these things happen. Leaving the EU will be good for this country and the benefits for doing so far out way any 'best guess' that prices may drop!

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