Could Brexit spark another recession in the UK?
Dear Editor,
I beg to differ with the views expressed in your article (Brexit: UK property prices won’t crash).
Have you been to London recently? I’ve just come back from London and travel there often.
Many wealthy investors have stopped buying UK properties since the start of this year. Some have actually sold their properties, fearing the worst outcome of the referendum. Many Middle Eastern investors also have exposure to properties in London.
With Brexit, many people will probably lose jobs as businesses look to relocate or shut down, which could tip the UK into recession.
So where will the demand for housing come from? This may cause a chain reaction in other parts of the world, including Asia. If this worsens, we could face a global recession.
Basically, we are treading into the unknown and there are many uncertainties right now.
It is simply too early to say there will be no crash, or a mild correction in the property sector. No one knows for sure, including you and me.
Ms Lam Ching Ching
Let us know your thoughts on the Brexit vote. Your views could be featured on our site. Send your letters to editor@propertyguru.com.sg
