Just a minute please: The UK has postponed Brexit. Now what?
Brexit. A simplistic word hiding a logistical nightmare. Almost three years on from the UK’s decision in a public referendum on 23 June 2016 to exit the European Union (EU), the country has found itself facing political turmoil and economic uncertainty. Following its government’s failed attempts to deliver on the result, the UK’s future relationship with the EU is still unclear, with the original leaving date of 29 March 2019 having now been 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 of UBS Real Estate & Private Markets. “There was a lot of panic, as nobody knew how this would unravel. But as time went on, people realised that the negotiations for withdrawal were going to take some time, and that invited some of the more opportunist money back