Britain’s vote to leave the European Union has led to speculation by a number of property experts on how this will affect the property market.

There is a good deal of uncertainty about how leaving the European Union will impact Britain’s economy, one of the main influences in the property market.

According Lucian Cook of real estate consultancy Savills, the luxury properties will be affected most, but decreases in this sector may be short term.

Grainne Gilmore of estate consultants Knight Frank foresees an initial drop in sales. She also thinks that mortgage rates will become detached from the base rate which will probably mean higher interest rates on mortgages and bridging loans.

If the pound is devalued then this could result in inflation and a rise in interest rates. This will negatively affect the housing market. However, a fall in the value of the pound could attract more overseas property investors.

Jonathan Hopper of home finding agents, Garrington says that the countryside will be less affected than urban areas.

James Roberts at Knight Frank is optimistic about the future of the property market. After short-term falls in the market, he believes that the United Kingdom has a resilient economy that will support the housing market. He advises taking a long-term view of the property market. He said:

“The underlying strengths of the UK economy remain in place, and real estate is an investment that works best for those who pursue long-term goals.”