Or so says the Chief economist of CBRE Global Investors at the annual conference of the European Public Real Estate in Paris, putting it differently by saying that values will drop by 12%. 

“There’ll be no real major economic market impact,” she said of the UK’s vote in June this year to leave the European Union. “The UK will not fall off a cliff. Brexit just accelerates the downfall we were already expecting, bringing it forward from 2018. The UK was already late cycle before (the vote for) Brexit.”

Leaving aside whether an "acceleration" is a "real major economic market impact" (!), the second part of her headline  is reassuring, I suppose, balancing such a capital loss against the technical definition of recession, but if I faced losing ten million pounds for every eighty I had invested, I am not sure what that would do to my yields. I might be tempted to keep cash in hand, so increasing the risk of no or even negative growth with the cash not being spent, nor the ancillary services such as lawyers, agents and valuers fees going in to the market. Falling values can lead to vicious circles....