RICS Data and Technology Event and the Brexit Effect

Last month, TwentyCi Director Sohail Rashid, attended the Royal Institution of Chartered Surveyor’s  Data and Technology Event in London’s Parliament Square. The event was attended by a group of leading PropTech professionals across data, property and technology businesses, interested in the current challenges and opportunities impacting the surveying market.

The event began with an informal networking session with all attendees of the event, where much debate included Brexit and the impact that the vote to leave the European Union has had and will continue to have on the property market. Many attendees, particularly those in London, reported a feeling of shock regarding the result of the vote, which most were not expecting and thus made the reaction feel far worse. General opinion of many who voted to remain is to now progress the UK’s withdrawal of the EU, to minimise the current period of economic uncertainty.

Consensus between many attendees was a view that the London property market price bubble had already burst, and the impact of Brexit has accelerated a fall in property prices.

Some delegates felt that Brexit was actually being used as an excuse to chip away at housing prices, or for property buyers or sellers to walk away from a transaction. In fact, lending criteria hasn’t changed since the announcement that the UK has voted to leave the EU; the banks still have liquidity and mortgages are now cheaper than they have ever been.

Following the networking, there was a more in-depth interview opportunity for some participants which Sohail participated in. Keep an eye on our blog for the video release of the interviews – coming soon!