Concern for overseas property market after Britain votes out of EU
PUBLISHED: 09:47 24 June 2016 | UPDATED: 09:47 24 June 2016
The result of the EU Referendum spells uncertainty for Brits who own property in mainland Europe.
An estimated 1.3 million British people currently live in the EU, and the potential consequences of the ‘out’ result have caused immediate concern.
Andy Bridge, managing director of A Place in the Sun, the UK’s leading overseas property media brand, agrees this isn’t the best of news for Brits abroad – but it’s by no means the end of their overseas property dream.
He said: “Today’s result is not good news for anybody looking to buy an overseas property, or currently residing somewhere within the EU – at least in the short term.
“The value of sterling is likely to fall, making house prices more expensive, and if you have a regular transfer coming from the UK in sterling, such as a monthly pension payment, this is going to be worth less in Euros than it was before.
“After the initial two-year period to sort out the UK’s departure from the EU, during which period nothing will change, the status of Brits resident elsewhere in the European Union will be very high on the agenda.
Andy is confident that, after this initial hiatus, many Brits will carry on as normal, however.
He said: “People will start to realise that, while owning an overseas property in the European Union has become slightly more complex, possibly more expensive, that if it’s something you’ve always wanted to do you’re likely just to get on with it.
“Non-EU nationals from the USA to Russia own properties in Spain, France, Portugal, Italy and elsewhere. So clearly there are going to be no restrictions on a Brit owning a property in the EU, it just might change the terms on which you own that property.”
Recent research by A Place in the Sun found that nearly half (48 per cent) of those currently considering a purchase abroad would continue with their search if we were to leave the EU.