Andy Bridge, Managing Director of A Place in the Sun (APITS Ltd) comments on the referendum announcement. The announcement this morning that the public have voted to leave the EU comes as a shock to the UK and leads to a level of uncertainty for the overseas property market.
An estimated 1.3 million Brits currently live in the EU and the effect of this result will cause immediate concern as people wait to see what changes arise as a result of the vote. The UK will now officially inform Brussels they intend to leave the European Union followed by a two-year period where the terms of our new status will be set out. The status of Brits living within the EU will be high on the agenda, as will the status of EU nationals who currently live in Britain.
Those who are looking to purchase a holiday home overseas, after an initial hiatus, are likely to see that owning a property in the EU will only be marginally more complex than it is currently. Residents of the US, Canada, Russia and many other nationalities own properties throughout Europe, so while it may become slightly more complex for Brits, clearly we are not going to be prevented from owning property in Europe.
Recent research by A Place in the Sun found that nearly half (48%) of those currently considering a purchase abroad would continue with their search if we were to leave the EU. It is expected that this number will be much higher after the first few months and Brits reignite their desire to own a property overseas.
More information on the overseas property market and future developments post the referendum can be found at www.aplaceinthesun.com