An estimated 1.3 million Brits currently live in the EU and the effect of this result will cause immediate concern
Andy Bridge, Managing Director of A Place in the Sun (APITS Ltd) comments on the referendum announcement
The announcement this morning that the public have voted to leave the EU comes as a shock to the UK and leads to a level of uncertainty for the overseas property market.
An estimated 1.3 million Brits currently live in the EU and the effect of this result will cause immediate concern as people wait to see what changes arise as a result of the vote. The UK will now officially inform Brussels they intend to leave the European Union followed by a two-year period where the terms of our new status will be set out. The status of Brits living within the EU will be high on the agenda, as will the status of EU nationals who currently live in Britain.
Those who are looking to purchase a holiday home overseas, after an initial hiatus, are likely to see that owning a property in the EU will only be marginally more complex than it is currently. Residents of the US, Canada, Russia and many other nationalities own properties throughout Europe, so while it may become slightly more complex for Brits, clearly we are not going to be prevented from owning property in Europe.
Recent research by A Place in the Sun found that nearly half (48%) of those currently considering a purchase abroad would continue with their search if we were to leave the EU. It is expected that this number will be much higher after the first few months and Brits reignite their desire to own a property overseas.
More information on the overseas property market and future developments post the referendum can be found at www.aplaceinthesun.com
Andy Bridge, Managing Director of A Place in the Sun provides the following comment:
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Notes to Editors:
A Place in the Sun is the UK’s leading overseas property media brand. Starting life as a TV show that was first broadcast on Channel 4 in 2000 and has been a part of popular TV culture ever since. A Place in the Sun and its highly successful spin-off series A Place in the Sun: Home or Away?, A Place in the Sun: Winter Sun and A Place in the Sun: Summer Sun are all about buying abroad and opening up a world of opportunity to the British public.
A magazine of the same name was launched in 2004 with the A Place in the Sun Live exhibitions following in 2005 now taking place three times a year, in Manchester (March), London (May) and Birmingham (September). A Place in the Sun went online in 2006 and now features over 100,000 searchable properties for sale all over the world, alongside factual editorial content and including invaluable buying advice and guides.
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