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Brexit risks to the economy are ‘too great’, says property expert

Brexit would have a “stark” effect on the commercial property sector which could threaten the UK’s economy, according to the partner of a Chester-based surveying practice.

Andy Williams, founding partner of Powell Williams, is calling for Britain to remain a member of the European Union when the referendum takes place on 23 June.

Speaking in the new issue of Move Commercial he says: “I think we have to stay, the risks to the UK economy are too great.”

The expert adds: “The effect on the commercial property sector would be stark. Buildings are only worth the value they create, so businesses moving away or downsizing creates voids, rents drop and value is wiped off the balance sheet of UK plc which could see a slow deterioration in the economy and the same negative effect we saw on property that we’re just recovering from.”

For more industry insight from Williams and a varied panel of experts on what the forthcoming referendum could mean for the North West and for business, read our latest Ask the Panel feature.