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Buy to let investors and second home purchasers drove up demand earlier in the year, as the rush to beat April's stamp duty increase took full effect - this March saw an all-time high in residential property transactions. With the referendum fast approaching though, questions are inevitably being asked about what Britain leaving the EU could mean for the housing market.

'Before any large event that can significantly affect the economy, many arguments are presented to sway voters which creates uncertainty in the market and as a result, everyone makes much more cautious decisions until the outcome is certain', commented, Director, Andrew Sainsbury. 'We saw this last year with the General Election, with a quieter period of activity in the lead up to the vote and we're seeing similar with the Referendum. If the UK was suddenly freed from EU regulations, the UK could attract more investment and the property market would inevitably benefit. Conversely, if, as expected, immigration from Europe fell following a 'leave' scenario, fewer people, would mean less demand, leading to a negative effect on property prices. There are many ifs and buts, but in the meantime we expect to see less activity in the market than is normal for June until the result is clear - roll on the 23rd June!'

In the meantime, Granger & Oaks continues to monitor individual tenancy rent levels very closely. If you're in any doubt about the enormous benefits a tenancy renewal can deliver to your bottom line, read our article on tenancy renewals from earlier in the year here.

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