Similar to the 5,000 additional office workers, we assume that the Brexit effect
would create the need for an additional 5,000 homes on the residential property
market. Owing to low price elasticity and the difficulties described in expanding
the supply of housing, there is very little prospect of additional housing being
In this scenario, the housing shortage consequently also
increases by around 5,000 homes. Price momentum could increase, although
the effects of purchases being brought forward may already be reflected in the
marked increase in list prices in 2016.