Just a minute, please: The U.K. has postponed Brexit. Now what?
Brexit. A simplistic word hiding a logistical nightmare. Three years on from the United Kingdom’s June 23, 2016, decision in a public referendum to exit the European Union, the country has found itself facing political turmoil and economic uncertainty. Following its government’s failed attempts to deliver on the result, the United Kingdom’s future relationship with the European Union is still unclear, with the original leaving date of March 29, 2019, now extended until October. Investors like clarity, so how is this affecting property investment?
Since the announcement of the referendum result, events have been chaotic. “The quarter after the referendum result was really weak for activity,” explains Zachary Gauge, director, European real estate research at UBS Real Estate & Private Markets. “There was a lot of panic, as nobody knew how this would unravel. But as time went on, people realized that the negotiations for withdrawal were going to take some time, an