The government needs to act now to reassure the market or risk losing the sectors stability, Jonathan Sealey of Hope Capital has warned.
The Hope Capital CEO said that whilst short-term volatility was a certainty it could be mitigated.
He said: “The Brexit vote will inevitably create short-term volatility and uneasiness in the market and it is likely we will see a drop in the number of housing transactions until borrowers are more certain of the lay of the land.
“This is unchartered territory so it is very difficult to know what the full ramifications will be but we must remember that the property market has proved to be incredibly resilient in recent years. Once things start to settle down, it is likely that the market will pick up again later in the year because lenders will always need to lend and consumers will still want to move home.
“The government must now act swiftly during this period of reassessment in order to bring as much certainty and stability back to the economy.”