How Uncertainty Due to Brexit is Affecting the Property Market - Nova
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Market Financial Solutions released a 2018 report on the global property market. From the summary of key research statistics, a survey found that 77% of investors think Brexit is unlikely to affect their long-term investment strategy. Additionally, since June 2016 when the EU referendum result was announced, they have not changed the way in which they invest.

Of these investors, 53% would still rather invest in a traditional and stable asset class such as property in 2018, rather than a new asset class such as cryptocurrencies. 63% regard property as a safe and secure asset in the current market.

However, there is still strong evidence to suggest that Brexit uncertainty has affected the property market to some extent. The Royal Institution of Chartered Surveyors state that the time taken to complete a property sale has widened to its longest duration since they began collecting data. Furthermore, House prices have continued to worsen since the referendum, in December 2018, house prices hit a five-month low according the Nationwide data.

There is a consensus however, that Brexit uncertainty is having much less of an impact outside of the South. RICS state that house prices continue to rise firmly across much of the UK, especially within the West Midlands and North West. This is in line with nationwide data.

There is much debate as to why and how Brexit is affecting different markets across the UK, but it is generally thought that as the London market has far higher number of overseas buyers than the rest of the UK, Brexit has taken a larger effect. Additionally, with London experiencing the highest proportion of EU migration and other economic factors associated with the European trading bloc, there is more instability within London.

RW invest, a large property investment firm has noticed a real change in demand, with investors turning away from London and choosing to invest in property in the North of the UK – which continues to be less affected.

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