Research has suggested that 55% of British homeowners think exiting the European Union will have an impact on house prices in the UK.
The research by online estate agent, eMoov.co.uk found that, of the 55% that believe the price of their property will be effected, 34% think leaving the EU would actually strengthen the value of their home, with just 21% believing it will lead to a decrease in their property price.
It is thought the economic impact of leaving the EU will be felt hardest in the capital, with the central London property market in further danger. However, 52% of those surveyed in London think it will push up the price of their property, with just 23% thinking the opposite.
When Britain first joined Europe in 1973, the average house prices was just £9,045. Despite a post legislative referendum in 1975, UK house prices continued to increase for another 16 years to 1989. During Britain’s tenure as a member of the EU the average UK house price has increased by more than 2,000%.
Russell Quirk, CEO of eMoov.co.uk, said: “The consequences of exiting the European Union stretch far beyond its effect to UK property prices, however homeowners across the nation are understandably apprehensive as to the impact it could have on their property price, as our research shows.
“Pro EU campaigners have forecast central London will be worst hit if Britain does choose to leave the EU. We saw how pre-election uncertainty froze property demand in the prime central London market. The uncertainty of Britain’s future in the EU could result in a similar effect on a much larger scale, but 52% of homeowners in London seem confident a Brexit will only strengthen the value of their home.
“This said, post-election stability failed to revive the high end London market, so who’s to say the same won’t happen if we do come out of the EU.”