Could the government's defeat over Brexit fuel uncertainty in the property market?

Independent estate agent, haart, has warned that yesterday’s decision by the High Court on whether the UK Government can trigger Article 50 and start the process of leaving the EU, is unwelcome news for the residential property market.

Related topics:  Property
Warren Lewis
4th November 2016
government

Paul Smith, CEO of haart estate agents, comments ‘Yesterday’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 transactions levels, especially in the capital, it is now more important than ever that clarity is provided.    

What we need to see is a quick, clean break from the EU, as opposed to a dragged out process that today’s ruling will make more likely. Britons have voted to be free of the EU, and their wishes should be respected with a clear exit strategy being put in place.

Yesterday’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. 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.’

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