Let the negotiations begin: Exiting the European Union
The past 12 months have seen an unprecedented chain of events that sent shockwaves through the UK economy and property market. From changes in the stamp duty transaction tax to the fallout from the EU referendum and the US presidential election, the volatility in the UK currency and stock markets has been unnerving. The culmination of these factors has resulted in house prices and commercial rents experiencing slower growth in the capital, London.
Now, as UK prime minister Theresa May prepares to negotiate the terms of the country’s exit from the EU, we need to take stock of the reality facing the UK property market. While it’s hard to predict the long-term impact of Brexit without knowing the kind of trade deal that the United Kingdom secures with the EU, we have seen positive signs that London is in good shape to withstand any potential blowback.
Of course, there is still uncertainty surrounding how many potential financial services companies and jobs may relocat