Brexit was "a leap into uncertainty". It has rocked all spheres of human's activities, including the financial sector. Now UK has 3 ways of further cooperation with EU as was stated here:
- Membership within the EEA;
- Negotiated Bilateral Agreement;
- WTO Membership.
Thus, the future of the banking sector depends on the current choice and the farther we go from EU membership the huger are the costs.

The financial sector along with the property sector are probably the worst affected from Brexit. Airline companies are up there also.

Should the UK fully leave then the banking sector will just gradually move out of the City of London into another capital, which is fully integrated in the EU. It will have some cost but at the end of the day it is the UK which will face the "major challenge" the banks will be just fine elsewhere.

Agree! Plus depreciation of real estate in London will lead to a crash of mortgages-baked security.

None of this will happen because the Brexit won't actually happen. The vote wasn't legally binding and everyone involved with leave is behaving like they lost rather than like they won.

It's basically 100% a fact that if you ran the vote again right now stay would win probably by double digits. The Brits aren't going to shoot themselves in the head executing on a non legally binding referendum that nobody, not even the people who voted for it, still wants.

Winning basically ended Boris and Nigels careers. Good ****ing riddance.

It seems to be a suicide but it is happening.

Do you think all property is in real trouble? I work in construction but for myself so sample size etc.. Warehouses were put on hold in lead up, some now indefinitely until who knows. Reasonable size house builder still stacked, progressing with sites, no noticeable effect in sales, ie they can't build em quick enough.

It totally depends, you know a lot more than me.

First of all as someone has already pointed out there is a very good chance we don't leave. Secondly who really knows what the effects will be on commercial or residential property if we were to leave. It is almost certainly negative imo but by how much? Personally I think London for one would be extremely badly affected on both counts. The share prices of these property companys are some of the hardest hit for a reason.

That said I mean people are still going to need somewhere to live and businesses that are here still need somewhere to operate from. Not like you are ever going to go out of business as long as you plan properly.

I mean I read today the following (figures from the build up to the referendum)

Construction PMI destroyed from 51.2 in May to 46 in June.
Construction output falls at its fastest pace since 2009

I saw that which is a massive massive dent. That was mostly pre referendum so guess its gonna get worse.

The thing is I may have more knowledge in this industry but I have no idea how this plays out.

My initial thoughts are that housing demand will remain, however, that could well get dragged down by London and lack of investment.

House builders stocks are getting battered.

A direct property investment fund in the UK has blocked all withdrawals/redemptions as of today.

http://www.bbc.co.uk/news/business-36708844

Pretty **** for those involved. They have to do this because you cant just sell a retail park in birmingham like you can a bunch of shares. Well its either this or hold a lot of the funds money as cash, which is a huge drag on returns.

Brexit will happen.

More property fund suspensions http://www.bbc.co.uk/news/business-36715806

And regarding the UK banking system, capital controls on UK banks have been lifted.

http://www.bbc.co.uk/news/business-36712040

I don't work in financial services in London, but I was led to believe that London was a financial services hub because:

- It speaks the business language of the world.
- It is a huge city with massive infrastructure (large airports, public transport, office space etc).
- The time zone is optimum for trading.
- The work ethic and "big apple" culture.
- Low taxes.
- Capitalist culture.
- Best legal system in the world.
- One of the lowest levels of political risk.

I didn't realise being part of a political union and having "free" access to just one particular market was the main driver?

"Just one market" that's the size of the US and 1/4 of the world economy.

Everything on your list is true, but with the UK out of the EU, it's a little like Canada, or a seceded Texas, being the center of finance for the US. It doesn't make as much sense any more.

I think Brexit is great for the UK (and the world, generally), but the finance sector will take something of a hit for a while.

I forgot one:

- One the best University systems in the world that massively exports its trade to an international client base, many of whom want to work and live in the UK.

I'm not arguing with you, just curious. In your opinion, how does the UK benefit if its biggest trade declines? Diversification?

The UK possibly losing some of its banking system is a bad thing, of course.

So why do I think Brexit is good for the UK? In the long run, the answer is that regulation, bureaucracy and the mass transfer of wealth from the productive and functional to the unproductive and dysfunctional chokes the life out of an economy. The EU is one of the worst bureaucratic nightmares ever, and it's only going to get worse.

Britain has been a sovereign nation for hundreds of years, and arguably the most successful. Europe, with the exception of France (and Germany in the economy), has been a basketcase of failed economies, communism, fascism, centralization, and just general Euro-weirdness for a long time. Lumping that in with the UK is only going to be a drain on her finances, nimbleness, and innovation.

Everyone has been moaning that property prices in London are far too high and nobody can afford to buy. London has the most resilient housing market in the world.

Now the people voted for Brexit, it seems people moaning that house prices could fall.

Not really.
London will always be a buyers market, any reduction from zone 1-7 will result in an influx of domestic buyers quite contrary to the type of investment London has seen in the past...which historically has pushed domestic buyers out

I agree with the last part, however most entities are totally underestimating the level of talented educated experienced personnel that just cannot be replaced in the numbers required at a FTE rate of 1:1.... London staff are just too talented and thats where they have a massive competitive edge on literally any where else on the planet.

You simple cannot just replace this kind of talent/experience in the volumes people are talking about. In a like for like swap.

The house prices in London are overwhelmingly down to foreign buyers and rental values that support the BTL and professional landlord markets. There's no potential influx of domestic buyers who can afford anything like London prices. Most Londoners cant afford them either.

Will have to wait and see on that I guess.

I very much hope we will never find out, it only matters if London loses it's place as a top world city.

I agree. Add in that the UK is on the UN security council, powerful army, and the worlds top talent in the global financial system live there. I highly doubt they will lose free access to the EU.