UK exit from the EU could result in house prices dropping by 5%
Prime Minister David Cameron announced over the weekend that there will be a referendum in the UK to stay or leave the EU on 23 June 2016. Online estate agent eMoov has predicted that if the UK votes to leave the EU than house prices could potentially drop by 5% or more. They believe that it won’t necessarily be leaving the EU itself that could see house prices drop, but the air of uncertainty that will have a detrimental impact on the market.
Since the UK joined the EU in 1973, the average house price has increased by over 2,000%. However this new report by eMoov suggests that a “Brexit” (the term used to described the British exit from the EU) could mean that the average UK homeowner could see their property fall in value by more than £11,000.
In this survey eMoov polled over 1,000 UK homeowners and found 55% of those asked, believed leaving the EU would affect the value of their property. Just over a third (34%) think they could increase; while 21% think they could decrease.
Russell Quirk, Founder and CEO of eMoov.co.uk stated that
“An EU exit would cause a nervous ripple effect across the UK, with homeowners and potential buyers choosing to baton down the hatches and weather the potential uncertain economic storm, before committing to such a notable financial decision.”
He went on to say:
“Should the UK public vote to leave the EU, we believe it could have a detrimental knock on effect to the UK property market. We’ve been part of the EU for over 40 years now, so it’s understandable that such a momentous change will lead to uncertainty amongst the UK public, as to the resulting implications an exit will have on them. This air of uncertainty will lead to inaction amongst those looking to buy and sell and the resulting dwindle in demand, will always lead to a reduction in house prices.”
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Property Buyers Taking Only 53 Minutes To Buy A Home
Are you thinking of buying a property? Lets be realistic National Homebuyers know that buying a new home will probably be the biggest financial investment you’ll ever make due to the high purchase value of such an asset.
So you would think that people would spend a lot of time contemplating and deciding on what property to purchase? Apparently not according to the latest consumer insight by eMoov, a UK online estate agent.
They surveyed over 1,000 UK homeowners to find out how long they took when searching to make an offer for a property. Amazingly their researched found that buyers take just 53 minutes to make a decision to buy a home.
However even though this decision time frame appears relatively low it is in fact higher then last years reported figure which was even lower at 38 minutes. So this suggests that people are now taking at least a little longer to make a decision.
This years report continued by showing that the majority of property buyers (53%) return for second viewing, with a further 41% feeling the need to view a property more than twice.
This consumer insight went on to find out what research homeowners carry out before attending a property viewing. The results where as follows:
|What Research Would You Do Before Viewing A Property?||%|
|Read the full property description||67.00%|
|Look at other properties listed in the area||59.00%|
|Look at the property on google street view||56.00%|
|Take a detailed look at the floor plan including room sizes||53.00%|
|Look at local amenities, employment and infrastructure||49.00%|
|Find the historic price of the property and neighbouring properties||44.00%|
|Research changes to commuting route and times||32.00%|
|Research school catchment areas||25.00%|
|Source – eMoov|
Russell Quirk, Chief Executive Officer of eMoov, commented:
“This research shows UK buyers are taking that extra bit of time viewing a property, before submitting an offer. Although demand is still high in a number of areas, particularly London and the surrounding areas, the market isn’t quite as competitive as it has been in previous years, so many potential buyers are opting for a second or third viewing before committing to a property.
National Homebuyers – We Buy Any House
National Homebuyers are UK property buyers who will buy any house or property!
If you are looking to sell your house fast then we are here to help. Our team of property experts are always on hand to share their expertise with you and help you achieve you aim of selling your house fast in a time scale that suits you and not us. So if you want a to sell your house fast then give us a call on 08000 443 911.
Get your no obligation cash offer now by using the Get Offer on the right hand side of this page.