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New research has shown that the UK property investments market has been stalled by Brexit, as property investors wait see the outcome.
According to the research commissioned by Experience Invest, the majority (55 per cent) of UK property investors have paused on their investment plans over the past six months as they await the outcome of Brexit.
Meanwhile, 59 per cent are waiting for the 2019 Autumn Budget before pressing ahead with their future plans for property investments.
Over half (56 per cent) of investors have no faith that Boris Johnson will make a success of Brexit.
When it comes to the property market, 37 per cent of property investors say they have taken one or more listed properties off the market in the past year due to a slowdown in activity.
The majority of investors (52 per cent) are actively monitoring potential UK property investments but are waiting to see if prices fluctuate as Brexit approaches. Indeed, 51 per cent of the people surveyed said they believe there will be a surge in activity within the property market after 31 October.
In the long-term however, investors are confident the real estate market will remain resilient despite Brexit uncertainty – only 31 per cent think leaving the EU will negatively affect the value of their property portfolios.
Elsewhere, the research found that the fact interest rates have remained below 1 per cent for the past decade has meant three-fifths of property investors (59 per cent) are actively seeking ways to make their money work harder.
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.’