Stay or Leave?
The Referendum and the local Ipswich Market
At Keystone we have been hearing more and more people asking will the referendum have an impact on the local housing market?
With an army of experts all giving us their opinions telling us to stay or leave will all this uncertainty make any difference to little old Ipswich?
Here’s what NAEA & ARLA have 3 main issues
With greater restrictions on foreign workers coming into the UK this could compromise the UK’s ability to build homes and meet the government’s target of 1 million new homes by 2020. Also the popularity of construction jobs decreasing amongst UK nationals filling the gaps with non-UK national workers is vital to fill the gaps and to keep building. We could also find that in 10 years’ time we find ourselves with a shortage of construction workers so even if we could build more housing we would not have the man power or skill to do so.
Reduced migration flow
There are currently 3.3 million UK residents who were born in other EU countries. If we left the EU, the total population of the UK would decrease by 1.6 million and with fewer people demand for property will ease. This would make it easier for all buyers to buy and prices could cool. The rental market would also be impacted with less people to rent to and monthly rents cooling.
They also comment on how London has the densest population of non-UK residents so the impact would be greatest in the capital especially with reduced foreign investment.
Whichever way you look at it we feel people will still need to buy bigger properties for their growing family to live in. People will still downsize to smaller properties, and something will always affect the prices to go up or down. But we still move forward day by day and whether we are in or out there will still be the need for house buying and selling.