What does Brexit mean for Northern Ireland house prices?

Jun 25, 2016

This morning it was confirmed the UK has voted to leave the EU but what does this mean for the Northern Ireland property market? Steve Rea, Director of Stephen Rea Estate Agents and property consultants, provides his view.

“This morning the world woke to the news that Great Britain and Northern Ireland has made the decision to leave the EU. It's now lunchtime and so far the FTSE 100 has fell more than 8%, the pound has plummeted to a 31 year low, and Prime Minister David Cameron has informed the UK after six years in service he will leave office this October. Despite all these negative issues I am convinced that the long term outcome Will be good for Britain and Northern Ireland as well the rest of Europe but for now we have ride out the next few months.

Although nobody can confirm exactly when Britian will Leave the EU, it is likely Brexit will take at least two years to take effect with many negotiations taking place in Brussels with our new Prime Minister during this period to steady and settle our markets.

As we have already seen today, there are signs of nervous buyers pulling out of transactions in panic that leaving the EU may cause house prices to drastically fall forcing them into instant negative equity. However the reality is, there is 1.8 million people in Northern Ireland who still need some where to live so the demand for housing will still be there.

There is also speculation if the sterling continues to fall, it could well offer a buying opportunity for overseas investors who are looking to snap up in property in both UK mainland and Northern Ireland. So with this in mind I think the property market will not only remain unaffected in the medium to long-term but will look more bubbly over the next six to twelve months."

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