Last week the Bank of England’s governor, Mark Carney warned that house prices could fall by as much as 35% in the event of a no-deal Brexit. This was quickly followed up with a clarification that it was a worst-case scenario rather than a prediction.
In an attempt to understand what the average person on the street thinks a no-deal Brexit would mean for UK house prices, property news and advice website, PropertyRoad, have conducted a survey with the help of leading market research company, Populus.
1097 members of the British public, were asked the question “What, if anything, do you think will happen to UK property prices if the UK leaves the European Union without some sort of deal?”
Only 25% of those that responded thought that house prices were likely to rise, whereas 31% felt they would fall and 44% thought they would stay the same.
Older Generation Have Strongest Doubts
The results also found that those over the age of 35 were more likely to be pessimistic about the effect of a no-deal Brexit, with only 20% predicting a price increase.
“As our survey was conducted before Mr Carney’s surprise claim, our results show that he was only stating what many people in the country are thinking,” said Paul James, owner of PropertyRoad.co.uk.
“However, the nature of the original statement, followed by the quick clarification, only adds to the confusion about what a no-deal Brexit actually means. Until there is more certainty, it’s hard to envisage the property market receiving the boost it so desperately needs.”
The full survey results can be seen at: https://www.propertyroad.co.uk/brexit-44-believe-house-prices-would-remain-static-in-the-event-of-no-deal/