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Brace for impact: What will Brexit bring this year
In the wake of the United Kingdom’s vote to leave the European Union, sterling tumbled, consumer confidence wavered and businesses delayed their expansion plans. There is little doubt that the repercussions of this decision will reverberate for years as the nation and the government come to grips with the reality of renegotiating the country’s place in European and global markets. As bankers across the City of London continue to draw up contingency plans for how they will do business in Europe, the UK property market has so far weathered the Brexit storm with great resilience.
In spite of an uncertain economic outlook, UK house prices have continued to rise overall, which reflects the favourable conditions of strong buyer confidence, a solid labour market, historically-low borrowing costs and an ongoing supply shortage. Even though the stamp duty transaction tax has taken a minor toll on the prices of prime London property, this has so far been offset by a surging demand