The recent vote for the United Kingdom to leave the EU creates a lot of economic and political uncertainty. It was done by people who believed it would give the UK for autonomy in matters like immigration. While many people and countries opposed the move, it is not likely to stop immigration from other European nations.
This is something that can be comparable to the United States and Canada, for if a U.S. citizen wanted to move to Canada they would need to fill out all the proper paperwork and apply for a dual citizenship. The same can be said for Britain since it's not going to put up a physical barrier where no person is allowed in or out, however it is going to put up more political barriers to anyone wishing to come in.
No, immigration in the United Kingdom will not stop all together. There is a governing body in place, and existing legislation or laws that outline what the United Kingdom deems as acceptable immigration standards. The only immigration that stops is European Union mandated immigration, where the EU tells the UK who they will take, how many they will take, and in what time period to accept them into the country.
Leaving the EU will affect immigration into the UK, but it will not stop it, nor is it intended to do so. Citizens of other nations in the EU move freely across UK borders while it belongs to the EU, which will stop when the UK gains control of its borders. The United Kingdom, upon resuming control of immigration, can vet immigrants to either allow or disallow entry.