Real estate investment volumes into the United Kingdom are expected to rebound sharply after the U.K.’s Parliament passed the Brexit Withdrawal Agreement.
Members of the U.K. Parliament voted by 358 to 234 to pass the EU (Withdrawal Agreement) Bill today, only a week after Prime Minister Boris Johnson’s Conservative party won a large majority in the U.K. General Election. The bill bans an extension of the transition period (during which the U.K. is out of the EU but follows many of its rules) past 2020.
MPs also voted to further debate the bill over three days when they return to sit in the House of Commons on Jan. 7, 8 and 9. However, the debate will merely be a formality and the bill is now expected to be passed into law in time for the Jan. 31 Brexit deadline.
The decision looks as if it could restore some confidence in cross-border real estate investors who are looking at the U.K. market.
Earlier this week, on Dec. 18, CBRE released a note saying
