Quitting EU will affect property prices

More than half of UK homeowners believe leaving the EU will have an impact on property prices, new research shows.

Some 34% think leaving the EU would actually strengthen the value of their home, while just 21% say it will lead to a fall in prices.

Pro EU campaigners have forecast central London will be worst hit if Britain does choose to leave the EU.

Yet online estate agent eMoov.co.uk, which conducted the research, found that 52% of Londoners think it will push up the price of their property, with just 23% expecting a fall.

Russell Quirk, founder of eMoov, said: “The consequences of exiting the European Union stretch far beyond its effect to UK property prices, however homeowners are understandably apprehensive as to the impact it could have on their property price, as our research shows.”

Quirk said pre-election uncertainty froze property demand in the prime central London market. “The uncertainty of Britain’s future in the EU could result in a similar effect on a much larger scale, but 52% of homeowners in London seem confident a Brexit will only strengthen the value of their home.

“This said, post-election stability failed to revive the high end London market, so who’s to say the same won’t happen if we do come out of the EU?”

When Britain first joined Europe in 1973, the average house prices was just £9,045.