Uncertainty caused by the Brexit vote will have a short- term impact on property prices, warn Hampshire agents but the market should stabilise.

Michael Green, head of the Southampton office of commercial property agents JLL, said: "Even if it is effectively ‘business as usual' for the UK in terms of trade and legislation until 2018, such a major change will inevitably create uncertainty in the economy and real estate markets. In the event of a well-managed exit these impacts will be largely confined to the UK.

"In the short term we may see a weakening in occupier demand. The impact on rents may be limited by tight supply, but activity will be adversely hit while initial uncertainty about direction and timing continues. Investor sentiment may also remain subdued in the short to medium term. For property markets, the initial correction may be most severe but should be followed by an upturn as opportunities re-emerge in UK core markets and benefits of weak sterling are recognised. Sentiment and relative pricing will be key.

"Much will depend on the speed of negotiation, the wider political picture and whether a clear direction of travel and timetable for an EU exit is established early on."

Commenting on the impact on the housing market, Michael Green said: "While the focus leading up to the Referendum has been on the UK's international trading relationships, we are deeply concerned that domestic politics will now be the key risk to the housing market.”

Regardless of the Referendum outcome, the UK has a deep housing supply imbalance and concerted attention from politicians to deliver credible, lasting solutions to the supply conundrum is desperately needed. Protracted infighting within the UK's political parties will only harm the UK economy and any chance of a timely recovery from the expected economic slowdown."

Simon Pallett, Winchester-based chairman of Carter Jonas said: “With a vote to leave, the UK property market is unlikely to escape the wider economic instability which is anticipated over the coming months. However, recent volatility in the bond and equities markets reinforce the case for real estate investment, as property continues to provide long term income stability and the ability to add value through active asset management. Looking forward, we firmly believe that fundamentals will continue to drive the UK property market. The UK has one of the largest and most sophisticated property markets in the world and because of this it should remain a magnet for global occupiers and investors.”

Simon said property prices might "soften" in the short term but other factors such as the shortage of housing stock would buoy up prices.

"The high end market may be impacted by weaker demand from senior executives and international buyers in the short term, however, a fall in sterling could make UK property an attractive proposition to foreign investors, and moreover, property yields currently offer a healthy margin over bonds,” he said.

Commercial property, particularly in London, had been seen as a stable safe haven asset and in the long-term this was unlikely to change, said Simon.

."However, in the short term, it is inevitable that the vote will create uncertainty across the business community which will impact on the commercial property market and lead to a decrease in values and rents," he said.

"Uncertainty as to how free movement provisions are affected may lead to businesses delaying relocation or expansion plans until the outcome of negotiations are clear. Further, the UK is often used as platform to access the EU, and the vote to leave could encourage organisations to relocate to more suitable locations.”

Simon said that the los of access to funding for major infrastructure and regeneration projects would be a concern to the planning and development sectors.

Roger Sherliker, head of valuation at commercial property consultancy Hughes Ellard, which covers the Solent region from its Fareham HQ, said the referendum result had come as a shock.

"The lack of a firm plan for what happens in the event of a vote for Brexit has always bothered us and the uncertainty that will now ensue will be a problem for businesses of all types and sizes," said Roger.

"We have been seeing some disruption to the commercial property markets in the run-up to the vote with decisions about buying or renting larger properties being put on hold until after the referendum. This is likely to continue and we have no idea for how long. Fundamentally, we have a confidence in the economy of the Solent region, but there are challenges ahead for us all. The Prime Minister’s position was untenable, but what we need very quickly is calm, rational leadership from our government and the EU to manage the exit process in everyone’s best interests."