A Brexit would hit confidence and affordability in the property market, Nick Leeming has claimed.
Speaking at the Instinctif Partners 2016 housing debate, Leeming, chairman of Jackson-Stops & Staff and founder of Propertyfinder which morphed into Zoopla, said a vote to leave the European Union would cause a period of uncertainty with the possibility of employers exiting the City and interest rates being cut.
He said: “The property market is affected by confidence and a Brexit vote wouldn’t help that.”
A straw poll of audience members at the London event were asked whether they would vote to leave or remain, with the vast majority backing the UK to stay in the EU.
One estate agent bucking the trend was David Adams of John Taylor Estate Agents who stood up in the audience to deliver an argument for Brexit.
He said: “We saw a boom in central London property in 2011 and 2012 because the pound fell on par with the euro.
“In 2014-15 we have seen a reduction in the volume of sales due to wide range of taxation and because the pound has risen.
“If the banks are believed in their predictions, Brexit would massively invigorate the property industry that has been held back by Stamp Duty and reduced transactions.”
Comments (6)
I hear that if the answer is “Exit” there will be a run on the Euro? That will be good for UK business’s.
As no-one has come up with a definitive answer to Yes or No, who is not surprised that confidence will take a hit until it is all over. Then what ere you going to do, which ever way it goes? Answer get on with life which will always have winners and losers.
The UK government is a business, a very complicated and political business. But just like any business it will only succeed if it is in control, give that control to someone else and you get the mess we have with the EU parliament. It all went pair shaped when member states started the political control process of other nations. It was intended to be a common market for trade and the EU is not fit for purpose in its current state.
If our children and grandchildren are to have any of the opportunities we had in years past then we must vote for Brexit. The housing market is in a complete and utter mess as a direct result of continual rigging by this (and previous) Governments – all for short term gain. We all know it – if your house is gaining in value – we feel everything is moving in the right direction. We dont dare imagine the consequences of a house price correction, such is the fragility of property generally.. We are completely blinded by the fact that we are drowning in debt and at some stage, the figures have to be rebalanced. Any survivor of the last recession in the late 80s knows only too well the result of government meddling and EU interventions. Our PM (John Major) at the time literally went into hiding for a few days as he had no clue what to do while interest rates sky rocketed to unbelievable levels. The UK and the British people are magnificent – if you have any doubts about our ability to make our way in the world and govern ourselves, then this link to Daniel Hannan’s case for BREXIT may well help. BREXIT will be our saviour, particularly if it is followed up with Cameron and Osborne’s resignation and replaced with decent intelligent politicians who go on to ensure our exit from a corrupt and bankrupt union is executed with the needs or GB firmly in sight and not one greedy eye on what they would get out of it later on down the line.
http://www.betteroffout.net/daniel-hannan-mep-were-ready-to-stand-alone-the-speech-mr-cameron-should-give-on-europe/
Its still an Abusive relationship being in the EU –
“a period of uncertainty” !!! ha so what? omg im so scared of uncertainty. Bolx.
“We saw a boom in central London property in 2011 and 2012 because the pound fell on par with the euro.”
The euro is a poor and unrealistic mechanism for so many countries with so different scales of economy and debt. Its widely agrees that it was a good thing the UK did NOT take give our the Pound for the Euro yet Leeming seems to say having parity ie 1:1 with the Euro is a good thing for the UK as if having the Euro would be good for the UK. There are a number of countries in the EU who have the Euro which are bankrupt and will go bust soon ie Greece. When Greece goes, you then have a knock on effect with Italy, Spain Portugal and Ireland. the PIIGS. Its not if but WHEN the euro will fail. When the euro fails the EU will fail. NOT Europe. Europe will still be there, trade will be done with individual countries and with the World trade org rules.
Why remain in the EU when its going to fail. Does anyone really think Greece wont fail? and when they do they will drag the other PIIGS into failure and default.
Nothing is certain in life but death and taxes. And one of those we can cut from paying to the EU so that just leaves death.
Im sure the remain campaign will now start to say that we will all die if we leave the EU. They have said there will be war.
As said before – its like being in an abusive 40+ year relationship being in the EU. Doesn’t make it right or sane to stay in.
It is not just about money. Shoe-horning hundreds of thousand more european migrants every year into the uk no doubt helps business with cheap labour. The further increase in demand for housing would, without doubt, cause further increases in property prices and ever increasing rents which Government will be forced to introduce 1970’s style rent control. The European fatherland will further control our way of life and tell us we must have straight cucumbers and regular size tomatoes!
For those who do not remember the 1970’s and so called “Fair Rent” system the amount of rent you would pay each month would just about pay for a contractors fee replacing a slipped slate. The result was the worst deterioration in housing repair and maintenance for the housing stock. Like parking once the councils get their hands on it they will, as they have already started, milk the system like leaches (licensing is just the start of this).
Mr Osbourne and his merry members need to take some housing history lessons. Yes we have a small amount of substandard property and bad landlords but big corporations like the utilitiy companies demonstarte how they behave by “ringing” the markets and overcharging due to lack of true competition, At least as we are there is massive competition setting rent levels and property prices.
The Conservative party who claim to be free marketeers have lost their way.
Brexit is NOT JUST A FINANCIAL DECISION like Mrs Thatcher,s “money is rules theory”
“interest rates being cut.”
How low can we go ?