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Brexit and The UK Property Market
After four years of negotiations and planning, the UK’s long-awaited exit from the EU has happened.
On the 31st of December 2020, the UK entered a brave new world as a fully independent country.
A lot has happened to the property market since the 2016 referendum.
With the Covid-19 pandemic’s added pressures, you may be unsure what has happened to the market, and indeed what will happen over the coming years.
Before the EU referendum in June 2016, if Britain chose to leave the European Union, an abundance of media outlets warned the public of a ‘post-Brexit apocalypse.’
While uncertainty arose around Britain as to whether the UK property market was set to dwindle rapidly, negativity began to circulate surrounding the country’s future and its associated economy.
Overall, the public began to question Brexit’s economic impact and feared the worst for their bank balances.
Five years on though, and we now have a much clearer picture of how the economy has acted since the referendum vote.
Brexit made significant progress with the implementation of a transition period and ongoing trade negotiations in early 2020, with the UK’s exit confirmed in the new year.
We can now more easily predict and understand what is likely to happen over the coming years following this vote of a lifetime.
Inevitably, some areas of the economy have suffered due to the vote, with the pound falling in value.
However, no one could have guessed how well the property market has dealt with the Brexit vote.
The market has reached new heights and has remained unhindered by Britain’s exit from the European Union.
Our detailed Brexit guide has been specifically crafted to provide a thorough response to the common speculations surrounding Britain’s departure.
Property investment is flourishing and gaining in prosperity, proving that UK property stands resilient in the face of what was deemed economic turmoil.
Our in-depth guide highlights statistical evidence to illustrate Brexit’s impact on the UK property market and the economy.
Through using current data, RWinvest has aimed to draw attention to the UK’s property performance since 2016 and look forward to what could happen in 2021 and beyond.
Not only will we look at the impact of Brexit, but our analysis will also evaluate the current property market climate to help identify the best places to invest in property post Brexit.
After Theresa May stood down from her position in 2019, Boris Johnson became the UK Prime Minister.
Having served as an MP for two constituencies, Mayor of London, and Foreign Secretary, Johnson is a prolific and well-known figure in British politics.
He won the December 2019 election with a substantial majority of 365 seats.
Johnson has overseen the implementation of Brexit in a long and arduous negotiation process.
The transition period finally began at the beginning of February 2020, with many talks ongoing since then.
Critical issues regarding trade and fishing have been the main stumbling blocks in the bulk of the negotiations.
Many bills have since been seen by parliament over the past 12 months, with the controversial UK Internal Market Bill receiving criticism from EU leaders due to clauses that could have seen the UK break international law.
There was a race against time for UK officials and the EU to negotiate a trade deal before the December deadline, but thankfully a consensus was reached.
If you are researching the effect of rental yields and property prices after Brexit, this informative guide shows how property is one asset that is predicted to experience massive growth over the coming years.
You can view more information on other buy to let areas with our investment guides.