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By Costas Pitas
LONDON, Dec 9 (Reuters) - A referendum on whether Britainremains part of the European Union is the biggest uncertaintyfacing the buoyant British property market next year, realestate group Savills said on Wednesday.
Prime Minister David Cameron is renegotiating Britain'smembership of the 28-member bloc ahead of a public vote due bythe end of 2017, but Savills said that levels of investmentcould slow in residential, commercial and agricultural propertyespecially if polls show a close result.
Head of Commercial Research Mat Oakley told Reuters that theuncertainty in the run-up to the referendum, with a date yet tobe fixed, could see demand wane.
"The biggest risk to the commercial markets is that pre-voteperiod. Is it going to be three months, six months, nine monthsof speculation and the market may just go slightly quieter," hesaid.
"We have spoken to a number of people who've said we'llseriously consider moving our headquarters functions ... and ourgrowth over the medium term to long term may well be more skewedto the EU ... if the UK were to leave."
Opinion polls in recent weeks have shown conflictingresults, with several suggesting that up to 20 percent of votersremain undecided.
Savills, which forecasts the average house price of primeproperty in the capital will fall 2 percent this year, saidcentral London, where foreign investors tend to buy homes andmany international firms are based, could be most hit due to theuncertainty ahead of the vote.
"I think that contributes to a slow prime central Londonmarket where obviously you have the biggest level ofinternational demand," Head of Residential Research Lucian Cooktold Reuters.
London-focused housebuilder Berkeley said last weekthat the capital would see its status as a world city diminishedwere it to leave the EU, and would need fewer new homes built asa result.
After double-digit or near double-digit house price growthlast year in Britain, spurred on by a scheme designed to helpyounger and first-time buyers get on the property ladder, thepace of price rises has already slowed this year.
Savills said that average British house prices would rise 5percent in 2016 and that by 2020, prices would have risen fasterin central and southern England than in London as some buyerslooked elsewhere for opportunities. (Editing by Stephen Addison)
