Last week saw a momentous decision in the High Court that blocked Theresa May from starting the process of leaving the UK without the consent of Parliament.
This is likely to cause more uncertainty in the housing market, according to Paul Smith, CEO of haart estate agents.
Clarification
Mr Smith feels that the transaction rates in the sales market are likely to drop as both buyers and sellers receive more clarification on the future of the UK.
Smith observed: ‘The High Court’s decision will elongate the process of Britain leaving the European Union, reigniting cause for a lack of confidence among buyers, sellers and housebuilders. It cannot be emphasised enough how much the residential property market is reliant on confidence and as we currently see a market that is suffering from almost record low transaction levels, especially in the capital, it is now more important than ever that clarity is provided.’[1]
Clean Break
Mr Smith went on to say that a ‘quick, clean break from the EU,’ is required to help increase the residential property market and wider economy.
Brexit ruling set to increase uncertainty in the housing market
‘Britons have voted to be free of the EU and their wishes should be respected with a clear exit strategy being put in place. The High Court’s decision is likely to stall the process, increasing likeliness of a half-way house deal that would see many Brexit promises reversed, something that the Government must avoid’, he noted.[1]
‘Our property market has in the past proved robust and bounced back in terms of adversity, however guarantees of future stability would certainly not go amiss-and clarity over the direction of Brexit is a good place to start,’ Mr Smith concluded.[1]
[1] https://www.landlordtoday.co.uk/breaking-news/2016/11/high-court-brexit-ruling-will-increase-uncertainty-in-housing-market
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