Today’s marks the end of four months of campaigning, years of pledges and is a historic day in UK history.
As Britain’s take to the polls, the outcome of the EU referendum is still too close to call.
However, a new survey has revealed that whatever the outcome, letting agents are bullish about the future of the rental market.
An investigation conducted from the Association of Residential Letting Agents has found that the majority of their members believe that the sector would not be substantially affected should a Brexit occur. The survey reveals that ARLA members are not overly concerned on supply, demand or rental costs.
The key findings from the survey were:
- 65% of agents expect stability should UK leave the EU
- 22% believe it will fall as international landlords leave
- 31% feel demand will decrease
- 55% believe it will stay constant
- 43% think the number of potential tenants per property will fall
- 19% suggest an ‘out’ vote will push rents upwards
As David Cox notes, ‘there is no avoiding the EU Referendum at the moment; and whatever the outcome, we are likely to feel the impact of the fallout of this debate in different ways. However, it’s important to put this into perspective and not carried away in a zeitgeist. As outlined in our recent Brexit Report, the letting market hosts a large number of non-UK born citizens and any change in migration policy is likely to have an impact down the line, especially in London. However, our monthly report clearly shows the sentiment amongst members is that the immediacy of this effect is likely to be minimal.’
With the referendum debate causing a slight slowdown in property sales, now is the perfect time for you to take out a landlord insurance policy, preparing to purchase following the results of the vote.