This is the big question.
I think it will affect expats and non-resident second home owners in different ways. And there will also be a difference in the short-term and the long term.
In the short-term, expats will not be affected for at least a year, maybe two. UK Govt. Minister Philip Hammond says it could six years. So issues such as health care, pensions and tax no change for now.
In the short-term the pound has plunged against the euro, which I expect to reduce British demand. This could have a short term impact on all vendors in areas where the British have dominated the market, mainly Costa Blanca and Costa del Sol. Fewer buyers around might put downward pressure on prices. I’m almost certain we will see a big reversal in the trend towards higher British demand in the data for Q2 and the rest of the year. This affects buyers and vendors. On the other hand I’m also seeing and hearing of signs that interest from British buyers is still strong, maybe as a result of Brexit. Whatever happens it’s going to be interesting.