The market should not expect to see a wide-scale crisis following the Brexit and needs to remember that people will still need house whether we are in Europe or not, according to Christian Faes, co-founder and CEO of LendInvest.
The market should not expect to see a wide-scale crisis following the Brexit and needs to remember that people will still need housewhetherwe are in Europe or not, accordingtoChristian Faes, co-founder and CEO of LendInvest.
Faes (pictured)said: "At the end of the day, people still need houses to live in, and the fact that we are leaving Europe doesn’t change that.
"We don’t anticipate a wide-scale crisis of 2008 proportions. The fundamentals of the property market have not simply u-turned overnight. The country remains in the grip of a huge housing deficit providing the foundation for the market, and property will always be an attractive asset class.
"Where there are shocks, there are opportunities too. Brexit may provide an opening for the UK housing market to cool and reset in areas where rising houses prices are stifling buying power.
"However we are firmly of the view that downward momentum will be offset by a much weaker pound, prompting overseas interest in property again."