Following the British parliament’s decision to allow Prime Minister Theresa May to trigger Article 50, we take a look at how this landmark decision will affect the UK housing market.
Scotland faced disappointment following the court case. The Supreme Court decided that devolved administrations will not be allowed to on whether to allow Brexit. This has essentially ended Nicola Sturgeon’s plan to veto the vote. The decision came despite the fact that the majority of Scotland voted for remain.
Investors & Brexit
Despite the media’s constant attempts to allot a different advantage to the two groups, both home and foreign investors will currently be facing the same levels of uncertainty.
Whilst many experts have pointed their finger to the pound, which continues to dip and rise as a possible cause for concern, the investment bubble is unlikely to burst. There will always be opportunities to invest in property, and Brexit or no Brexit, people will always need a home.
However, uncertainty can make for skittish customers, and several British sectors are suffering due to this. In an attempt to combat the effect, the government has promised a quick turnaround when it comes to their white papers. They hope that once the details for Brexit are widely understood, much of the uncertainty will be dispelled.
Property Market & Brexit
Very little has actually changed for the property market in terms of the two main factors that govern its condition; too much demand and not enough supply. Many experts were quick to come forward with predictions following the results.
Spicerhaart’s Chief Executive Paul Smith was one of many to comment on Brexit’s effect on the housing market. Smith stated that “In the short-term, things could be turbulent as people come to terms with a result that wasn’t expected. But we now have some certainty. House prices may go up and down as they always have, but demand pressures will sustain prices over the long-term. We’re on course to see the greatest investment since the war… residential property continue to pay off for home owners.”
