Property News

Article 50 will be Triggered by Theresa May Today

Rose - March 29, 2017
Download as PDF
Article 50 will be Triggered by Theresa May Today

Article 50 will be Triggered by Theresa May Today

Theresa May is due to send the UK’s Article 50 letter today (Wednesday 29th March), which will commence Brexit negotiations that could last up to two years.

It comes after months of discussions in the House of Commons and protests across the country.

May got the bill, which authorises the Government to trigger Article 50, through Parliament earlier this month after facing resistance from the House of Lords and MPs.

One of the Lords’ amendments sought to guarantee the rights of overseas EU nationals living in the UK.

The Founder and CEO of online estate agent eMoov.co.uk, Russell Quirk, explains what he thinks the triggering of Article 50 will mean for the UK property market.

He says: “As the UK prepares to separate from the EU following the triggering of Article 50, it will be business as usual as far as the property market is concerned. Despite the high levels of uncertainty in the market, property values have continued to show signs of positive growth in 2017, and this will only strengthen as time goes on.

“Brex-angst around leaving the EU has caused uncertainty in the market, but the cooling rate of price growth over the end of last year has without a doubt been influenced more by the increases to Stamp Duty and second home tax, with both playing considerable roles in impacting the market.”

He adds: “With the initial Brexit fears now starting to subside and property values continuing to increase on both a monthly and annual basis, UK homeowners should rest assured that the market remains one of the most resilient in the world.”

We will continue to keep you up to date with the impact of Article 50 on the UK’s property market at LandlordNews.co.uk.

How do you feel about Article 50 being triggered by Theresa May today?