A study of more than 1,000 UK property investors who own three or more residential properties in the UK found that 55 per cent had put their investment plans on ice.
The research commissioned by property investments agency Experience Invest discovered that 59 per cent of investors had shelved plans until after the 2019 Autumn Budget in November.
Additionally, 37 per cent admitted they had taken a listed property off the market due to a slowdown in activity, while 52 per cent said they were monitoring properties that they wanted to purchase, but were waiting to see if prices fluctuated as Brexit approached.
And, 51 per cent of property investors believed there would be a surge in activity in the market after 31 October.
Support for prime minister Boris Johnson’s strategy was muted, with 56 per cent of investors having no faith that he would make a success of the UK’s departure from the EU.
Investors appeared confident the real estate market will remain resilient longer-term, despite Brexit uncertainty, with only 31 per cent anticipating that leaving the EU would negatively affect the value of their portfolios.
Experience Invest’s research found that because interest rates had remained below 1 per cent for the past decade, 59 per cent of property investors were actively seeking ways to make their money work harder by changing their investment strategies and the assets they hold.
Jerald Solis, business development and acquisitions director at Experience Invest, said: “There has been a great deal of speculation about how Brexit will impact the UK’s property market.
“Our research clearly shows many property investors are now adopting a ‘wait and see’ approach as the Brexit deadline draws near.”
He added: “This means there could be a surge of activity once Brexit materialises. Once the dust settles, investors are evidently preparing to spring back into life, which could result in far greater activity across the UK property market.”