EU referendum: Britain leaving the European Union “doesn’t make much difference” to the UK property market, according to Andrew Perloff, chief executive of Panther Securities and long-time UKIP supporter.
Perloff said there was “inevitably going to be considerable volatility because so many people had assumed a remain win was likely”, following the FTSE 250 opening more than 11% down and the pound at record lows against the dollar.
The central London residential market has already seen a slowdown this year and Perloff said there would “probably be a settling down of central London prices” but in the rest of the country he said he “doubted it will make that much difference”.
He said that instead of focusing on the result, the “bigger disaster for the property industry” was the current level of business rates and its impact of the retail sector.
“We’re a small country with limited resources and I think the property market industry is still a pretty sound investment for most people.”