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Mar 4 2016

Should We Stay Or Should We Go Now?


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If we go will there be trouble?  If we stay will it be double?  So, come on and let us know?

A slight rehash of the well-known Clash song seems to fit pretty well with the ongoing debate on membership of the EU that is dominating the news; one that will no doubt be entertaining and reach fever pitch level over the next few months, especially when David and Boris square up to each other for our votes.

Whether it should be staying or going is made all the harder to decide because of the lack of consistent and solid information for either option.  In its place all there appears to be is a swathe of general opinion by politicians and ‘celebrities’ on the matter. 

The result of all this uncertainty is a huge number of intelligent and articulate people who just crave some evidence in order to make an informed decision.  In fact, there are so many sitting on the fence it is in serious danger of collapsing under the weight of us all!

For my pound’s (or euro’s) worth I do have a few initial concerns – simply from a property market point of view – on the impact of a “go!” vote:

Rolfe East has excellent bilingual staff from Eastern Europe and there is a strong Polish community in the Ealing area.  What impact would it have on our staff, who have been phenomenally successful for our business and have served our clients extremely well?  Will they all have to apply for citizenship? 

Less people in the country leads to a lack of an available workforce to do all the jobs that need doing and, as has been previously experienced, this situation often leads to recession.  Recession results in the lowering of property prices and you may think, great, it will be easier to get a property in the Ealing area!  However, the chance of actually getting a mortgage is equally reduced.

What will be the impact on earnings?  Essentially, people’s income directly affects property prices, regardless of whether it is growth or recession.

Rolfe East International buys and sells exciting property opportunities in Italy, Spain, Portugal and France; what will be the effect be on people who have already bought or have set their heart on this venture?

What will be the impact on banking and on currency?

What will be the impact on interest rates?

Will there have to be a re issue of millions of passports?!

Of course, it is a very large jigsaw to piece together…but the fact is we haven’t even found all the bits yet let alone see what the picture is.  So, come on David and Boris et al, let us know all the facts of why we should stay or why we should go!

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