March 31, 2017
Article 50 has been triggered, starting the Brexit process. But what’s in store for the property market?
Experts are largely confident that the UK property market should not see any major changes during the Brexit process. Article 50 was formally triggered on the 29th March 2017, giving the UK government 2 years to negotiate with other EU member states. During this time there are likely to be many amendments to current trade deals with European countries, however it is not expected that the property market will suffer a large upheaval.
Since the EU Referendum result was revealed last year, the value of the pound has fluctuated significantly, however the property market has remained stable during this time. This bodes well for the upcoming negotiation period. The high demand and low supply of houses should preserve the housing market, while also maintaining the demand for rental properties. Property Wire have a great summary with quotes from leading economists which should reassure property investors.
Property Industry Eye have also investigated the effect Brexit will have on the UK property market.