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Over half of UK homeowners think Brexit will affect house prices

Over half of UK homeowners think Brexit will affect house prices

Since joining the EU in 1973, Britain has seen property prices rise by more than 2,000%.

Over half of British homeowners believe a possible exit from the European Union will affect property prices, new research reveals.

As the UK is gearing up towards David Cameron’s referendum deciding whether the country will stay a part of or leave the European Union, both sides are arguing their case.

Dangers to the economy, and London losing its place as a global financial hub, are some of the prime arguments brought forward as a reason to retain membership.

And while house prices are mostly left out of the equation, new research by online estate agent eMoov.co.uk reveals that 55% of British homeowners believe a Brexit will affect the value of their property – and not necessarily in a negative way.

‘We saw how pre-election uncertainty froze property demand in the prime central London market,’ said Russell Quirk, eMoov.co..uk’s CEO.

‘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.’

Believing their property will retain its price are 25% of interviewees, while the remaining 23% of Londoner’s believe a Brexit will see the price for their home sink.

Outside the capital, 45% of interviewees believe there will be no change in house prices, but the other half is split: 21% of interviewees think the price of their property will decrease, while 34% think it will rise should the UK turn its back on the EU.

In 1973, when Britain joined the union, the average property was priced at £9,045 (€12,632.92, $13,943.59) – over the past 32 years, prices have increased by more than 2,000%.