In the wake of the historic referendum which has seen the majority of British people vote to leave the European Union, we ask the experts how parting ways with the EU will affect you.

Property

A Bucks property expert says it is “too early” to say what impact Brexit will have on the property market.

“I’d just returned from a week’s holiday in France having dined well on the journey and enjoyed a good bottle of wine and now I’m resigned to a pint and a pasty,” said a disappointed Tim Russ after turning on the radio at 5am on Friday to discover that the UK had voted to leave the EU.

“Well, the world’s still going round and will continue to do so,” said the agent who founded his company in Beaconsfield more than 20 years ago. 

“It’s too early to say what impact Brexit will have on the property market. We’ve been through lots of ups and downs before and this is the latest challenge.”

David Cox, managing director of Association of Residential Letting Agents (ARLA) and Mark Hayward, managing director of National Association of Estate Agents (NAEA), agreed that the outcome of the EU referendum will create a “period of uncertainty among homeowners, buyers, investors, landlords and developers” but believe that in the short term, prices and rents will remain stable.

They said: “We can expect international investors to look a lot harder at the UK as a market; this will have a consequential impact upon the house building sector as investment may be stalled. 

“In the short term we believe that both prices, and rents, will remain stable, but we cannot be certain about the next quarter as political instability, and market unrest, could lead through into prices in the housing market. 

“We believe that the UK housing market is resilient, as is the supply chain that drives it. But as we indicated in our Brexit report last month, the bigger impact may well be in the skills necessary to drive UK housing development, and this is now a major concern for UK buyers and renters.”

Richard Lambert, CEO at the National Landlords Association (NLA), has urged people to remain calm in the wake of the referendum.

He said: “Leaving the EU is completely unknown territory, and jumping to conclusions isn’t going to help anyone.

“We welcome the Mark Carney’s steadying words and his reassurance that the Bank of England and the Treasury have extensive contingency plans in place to ensure the country’s financial stability.

“Any knee-jerk reaction will have a real impact on our members’ mortgages, tenants’ rents and overall confidence in the market.”

Economy

Jo Davis, Partner at Gerrards Cross solicitors, B P Collins, said: “A considerable amount of our UK employment legislation derives from EU Directives, by which we will no longer be bound. Much of that legislation is good and the UK will retain. Some of the laws, however, the government may wish to dispense with, such as the 48 hour week and protection for agency workers. 

“And what of decisions made by the Europe courts?  If they will no longer be binding on the UK we can expect to see new law created to relax the more arduous decisions, for example around holiday pay and TUPE [Transfer of Undertakings]. It’s certainly going to be an interesting time.”

Business

Alex Pratt, chairman of Bucks Business First said he was in a “state of shock” at the result of the referendum and admitted that exiting the EU has meant businesses will take on “significant risks.”

He said: “It will affect all businesses because of changes in exchange rates and just general uncertainty. Every business wants more certainty, so we are all entering a different period.

“We could see businesses leaving the country, but I don’t think it will be a massive amount. I was talking to someone earlier who said if Scotland voted to remain and England left, he would consider moving his business there.”

He added: “Brexit has got pros and cons. Things will be more expensive to buy but cheaper to sell.”

Despite his reservations, Mr Pratt thinks Bucks is in a good position to cope with the changes.

He said: “Bucks is resilient. Of all the places in the UK we are probably in one of the best places to ride the storm.

“Only around 7 per cent of businesses in the county export and trade abroad. For the businesses that do trade abroad it is going to be a more volatile situation. Let’s not panic and let’s just see what happens and make the best of it.”

Simon Deans, Partner in Corporate and Commercial Practice, B P Collins, said: “Businesses are used to change and challenges and adapt accordingly. This seismic decision and the changes it will bring are no different. 

“However, as things start to settle, businesses will soon want answers as to the exact impact on how they will run their business. For example, companies that manufacture in the UK are currently subject to the same standards and regulations that allow them to sell in the EU. Will they have to go through a separate set of certifications? These are questions that our clients are already asking and the government needs to address – but in the meantime we are still part of the EU until the leaving process is complete.

“From a pro-Brexit perspective, it’ll be a chance to rid ourselves of the EU Red tape that has strangled our economic growth. From those on the pro-EU side, a ‘Brexit’ offers the prospect of a decade of uncertainty with tariffs on the goods and services we provide and business investment and production shifting away from the UK towards the EU.

“It’s too early to call but what is important is that the government doesn’t rush to strike a deal with the EU and instead makes thoughtful and measured decisions for the benefit of UK citizens and businesses.”

Travel

Many questions have been raised about whether British people will need to hurry out and order new passports and driving licenses to replace the ones currently emblazoned with the EU logo. However, Britain is likely to remain in the EU for at least two more years and there is talk that they will still be valid until then at least.

Meanwhile, HACAN – the Heathrow Association for the Control of Aircraft Noise – says Britain’s exit from the EU could also cast doubt on whether the third runway at Heathrow Airport will be given the green light because “the Prime Minister and the Chancellor have lost the fight of their lives.”

HACAN chairman, John Stewart, said: “Outers’ like Boris Johnson, who is fiercely opposed to Heathrow expansion, have won. At the very least, a decision on a new runway must now be up in the air.

“A new Prime Minister would want to look again at its desirability, its deliverability and the cost its related rail and road infrastructure would impose on the public purse.”