Those close to the UK housing market are waiting to collectively exhale as the referendum draws near and the fate of the market works itself out. There are varying opinions about what will transpire after the 23^rd of this month, both sides with logical conclusions. One side claims property prices will rise and continue to rise just like they have been and the market will settle within a few months. Another side believes it could send house prices into a nosedive and take years to properly come into balance once again.

The Brexit vote will take place in a few days and the property market can begin restabilising at that time. Many believe house prices will soar higher whilst others believe a downward spiral will begin immediately after the vote if the UK decides to exit the EU. Although opinions vary widely in regard to house prices, remortgage activity is expected to continue at the current pace with many house owners taking advantage of low interest rates as they secure new deals.

Estate agents could be the group held in greatest anticipation. Currently, many house movers out of necessity are carrying on as usual. Whilst others who do not have to move, but are looking to in the near future, are sitting idle until the conclusion of the vote.

Jo Eccles with Sourcing Property commented on the division in buyers and sellers taking place, saying: “Our family clients are buying as normal, whether it’s that they have to move to upsize, or be closer to certain schools.  We call these ‘necessity purchases’ and the upcoming referendum has had very little impact on this part of the market.”

Eccles added: “With our other UK buyers, who don’t necessarily need to buy now, they’re also holding off to see what the outcome is.”

According to the National Association of Estate Agents, current demand for residential property has fallen to a level not seen in many years.