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Brexit is biggest challenge facing property market, say investors

Britain's withdrawal from the European Union is the biggest challenge facing the UK property sector, according to a survey of investors, landlords, homeowners and insolvency practitioners.

Higher taxation and stricter lending criteria were other common concerns revealed by the research carried out by John Pye Property.

However, the majority of respondents painted a relatively positive picture of the property market. Almost half said they felt more property sales were taking place compared to 2013 and over 55% said they felt that regional markets were experiencing growth.

What's more, the survey suggests that property investment is becoming more accessible, with a noted increase in the number of affordable properties coming to market, and respondents saying there are more appealing investment opportunities available in 2018 compared to five years ago.

Some 60% of participants said there is a greater range of property investment opportunities available, with more than 70% indicating a rise in the number of mixed-use opportunities available.

Those investors taking part in the study suggested that their focus is on securing long-term tenants rather than pushing up returns.

Meanwhile, more than 82% said they are increasingly diversifying their portfolios in response to changing market conditions.

"Some of the results weren’t surprising as Brexit uncertainty remains a challenge for many and investors are choosing to diversify their portfolio as a result of taxation changes," says Richard Reed, head of property at John Pye Property.

"We were interested to gather insight on investor behaviour and increasing confidence in the regional markets.”

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