As the full impact of Brexit in the short- and long-term continues to be debated, decisions on large investments like houses are bound to take a bit of a whack.

And recent data appears to back this up. Following news from the Bank of England that mortgage approvals hit 18-month lows in July, the Office for National Statistics announced on Tuesday that property prices increased 8.3% year-on-year that month, down from the 9.7% rise punched in June.

Many analysts are split on the direction of the housing market in the coming years, but I for one believe that the sector remains robust, and with it the long-term investment case for FTSE 100 (INDEXFTSE: UKX) bricks-and-mortar beauties like Persimmon (LSE: PSN).

Persimmon itself noted last month that “while the result of the EU Referendum has created increased economic uncertainty, customer interest since then has been robust with visitor numbers to our sites around 20% ahead year-on#year.”

The statement follows similarly positive trading updates and projections from Britain’s other listed homebuilding plays, who cite our historical construction shortfall and favourable lending criteria as reasons to remain optimistic.

As such, I reckon Persimmon’s ultra-low P/E ratio of 9.6 times for 2016 — combined with a market-bashing 6.1% dividend yield — make it a terrific pick for value investors.

A smoking stock star

Unlike Persimmon, British American Tobacco (LSE: BATS) doesn’t appear ‘conventionally’ cheap when tallied up against its big-cap rivals.

For 2016 the business carries a P/E rating of 19.4 times, sailing above the FTSE 100 historical average of around 15 times.  British American Tobacco is a more attractive pick in the dividend stakes, however, its yield of 3.5% is in line with the blue chip average.

Still, I would argue that British American Tobacco’s defensive qualities more than merit this slightly-expensive rating. First of all, the company’s pan-global presence serves as panacea for investors concerned over the impact of Brexit on their investment portfolios.

And British American Tobacco’s bursting portfolio of leading labels like Dunhill, Rothmans and Lucky Strike provides terrific pricing power, enabling it to lift revenues regardless of wider macroeconomic troubles. This is a particularly useful quality as it allows the business to offset the structural decline in cigarette demand by hiking the price tags on its cartons.

And helped by heavy investment, market share grabs amongst these so-called ‘Global Drive Brands’ pushed total group volumes to 332bn sticks between January and June, up 2.1% on an organic basis.

Meanwile, the huge capital British American is devoting to its Next Generation Products arm — home to its Vype­ e-cigarette technology — provides the firm’s revenues outlook with a further shot in the arm.

The City expects earnings to shoot 17% higher in 2016 alone. And I expect profits to keep pumping higher long into the future.

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In short, there are plenty of reasons to remain bullish on the UK stock market, even if the risks have leapt a notch or several since June's referendum.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.