Over half of UK property investors have put future investments on hold, as they await the Brexit deadline.
Research commissioned by property specialists Experience Invest, has found that 55% of UK property investors have paused on their investment plans over the past six months as they await the outcome of Brexit.
In addition 59% are eager to discover the contents of the new government’s 2019 Autumn Budget before committing to any major financial decisions.
The independent survey of more than 1,000 UK-based property investors also found, over a third (37%) of respondents have taken a listed property off the market due to a slowdown in activity.
Over half (56%) of investors also have no faith that Boris Johnson will make a success of Brexit.
In the long-term, investors are confident the real estate market will remain resilient despite Brexit uncertainty – only 31% think leaving the EU will negatively affect the value of their property portfolios. Just over half (51%) said they believe there will be a surge in activity within the property market after 31 October.
Jerald Solis, business development and acquisitions director at Experience Invest, said: “There has been a great deal of speculation about how Brexit will impact the UK’s property market. Since the referendum, however, while some parts of the market have slowed or dipped slightly, prices on the whole have held firm or, in many regions, risen steadily.
“Nevertheless, our research clearly shows many property investors are now adopting a ‘wait and see’ approach as the Brexit deadline draws near. And this means there could be a surge of activity once Brexit materialises; once the dust settles, investors are evidently preparing to spring back into life, which could result in far greater activity across the UK property market.”