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A Short & Sweet Brexit Update

We all remember last summer’s big Brexit news. Well it’s far from over. Now that 2017 is in full swing, it’s time to take a look at the UK housing market and the impact that Brexit may have moving forward. If you have employees relocating to the UK and/or employees already on assignment in the UK, it’s important to take notice of the market for renters and homeowners alike.

 

A General Overview: Renters Beware

 

The end of 2016 came with increasing rents throughout nearly every region in the UK with London rental values remaining much higher than the UK total average.

 

Home owners/buyers didn’t experience much change and surprisingly enough, the capital’s growth in terms of pricing was lower than the rest of the UK (3.7% vs. 4.5%).

 

Brexit’s Impact

 

Unfortunately, it may still be a little too early to make any firm predictions here. No country has ever left the EU before so it’s hard to say what the long term impact will be on the housing market specifically. For the time being, it seems as though the market has actually settled down since Brexit was announced back in July but that doesn’t necessarily mean that uncertainty is out of the question. For now, while details continue to be ironed out, it may be fair to assume that instability within the housing market is on its way (refer back to our post from July for more details on how Brexit may impact mobility).

 

There is still a lot of uncertainty, but we think it is a fair assumption to believe that future global assignments, specifically to the UK and EU, will require more time, paperwork, and preparation than ever before. It is vital to stay on top of changes as they occur, and the housing market is no exception.

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RICK CALANNI
VP of Business Development Northeast Region

 

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