Impact of Brexit on UK Real Estate Market
The people of the United Kingdom took the decision to exit the European Union in June this year after a referendum. This vote of the British people to exit the EU became popularly known as Brexit. Brexit came as a shock to the other members of the EU and also to the world. It became a hot topic within minutes and trended on social media for weeks. Media covered the news from all across the globe. This decision by the UK people has already started to have a significant impact on the property market and economy of the country.
The UK real estate market had been flourishing for the past many years. The demand for real estate properties in London had especially been quite high. However, after the stock market crashed a little in the aftermath of the Brexit, the real estate sector took a hit too.
Commercial real estate values have fallen by about 3-5% while residential property values have also gone down significantly in the UK ever since . This has come as a shock for many who were planning to re-locate or move to a bigger home by selling their current house so that they can finance a larger one. Read More...