Consumer confidence has fallen sharply in the wake of the Brexit vote, while the construction industry is also suffering, new research suggests.
Consumer confidence has dropped since Britain quit the EU. Credit: Howard Lake.
CEBR director Scott Corfe warned that homeowners’ fears about property prices could have “a very serious impact” on both housing and the overall economic picture.
Elsewhere a survey from the Royal Institution of Chartered Surveyors found that construction firms had cut back their expectations of growth for the next 12 months.
Housebuilders have been particularly badly hit by the Leave vote, with investors pulling their money out commercial funds.
Firms said they expected to see a 1 per cent rise in their workload for the next year, compared to 2.8 per cent for the first quarter of this year.
A separate study for the Society of Motor Manufacturers also found sentiment among car companies had been dampened after the 23 June vote.