Uncertainty and lack of confidence is seeing the pound free fall to an all time low as the power of the British people decreed that the UK should leave the EU .The final result saw 17,759,184 Brits vote to leave, while 16,580,508 backed remain.David Cameron will resign following the shock result increasing the unsure feeling about Britain
Meanwhile its only right for Homesgofast.com an international real estate website to look at how this shock Brixit may affect the overseas property marketrket
A Place in the Sun
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
A vote to leave the EU could prompt more foreign investors to pile into the housing market to snap up "Brexit bargains", according to estate agents.
Estate Agents Stirling Ackroyd
London-based estate agents Stirling Ackroyd said recent volatility in the pound and a dip in London property values have already made house prices in the capital appear cheaper for foreign investors in recent months.
Stirling Ackroyd said since November 2015, on average, a home in London has become 33,200 euro cheaper, equating to a saving of around £26,000 for a foreign buyer.
If the country votes for Brexit this week, the value of sterling is expected to fall further - which could encourage further foreign investment in the London property market, its report said.
London has already been particularly attractive to overseas property investors in recent years, as it has been seen as a "safe haven" amid wider economic turmoil.
Getting to your holiday home abroad
A requirement for visas to visit France and other EU nations would be a “highly unlikely” outcome of a Brexit, according to a number of property and travel experts.
British nationals do, however, need a visa to enter popular destinations that are not members of the EU, including Turkey and the United States – where many thousands of us also own property, apparently undeterred.
“There is a theoretical possibility that anyone with a second home in France could suddenly find themselves also needing a visa to use their property,” said Miranda John of mortgage brokers SPF Private Clients, which specialises in helping Britons fund property purchases abroad.
“But uncertainty over travel and other agreements would be resolved after an exit, if it happened – even if such agreements took time,” she said.
see our Property in France
Nick Marr founder of Homesgofast.com " British buyers considering retiring abroad to countries such as Spain will want to know quickly where they stand. I think once the dust settles we will see sensible approaches by European countries who will not want to lose the benefit of inward investment from British buyers, Its my view that its likely that owning a property in the EU will only be marginally more complex than it is currently is"