Brexit Latest & Property Prices

After a long period of Brexit uncertainty, we have news that the uncertainty continues!

Today on 10th of December, Theresa May the Prime Minister has announced that the vote in the house of commons due to take place tomorrow on the 11th, will be postponed. May concedes that she the deal on the table is likely to suffer defeat by a “significant margin”.

The vote was to be held on Mays Brexit deal. Therefore, May proposes that she will renegotiate with the EU for better terms and reassurances regarding the UK’s plan to exit the EU on March 29th 2019. Despite delays, May has repeatedly said that the Government are committed to leaving the EU on March 29th.

However, European Council President Donald Tusk insisted the remaining 27 EU countries would not “renegotiate the deal”, including the controversial Northern Irish backstop.

Opportunity International Investors

On the news of May’s announcement today, the GBP has fallen to it’s lowest point against the dollar in 18 months, this, therefore, represents an excellent opportunity for investors buying in foreign currency with increased purchasing power.

Property Prices

For those investors seeking reassurance about the strength of the UK property market, during the current climate of uncertainty, last week figures published in the FT made for very positive reading for UK property investors.

The UK property market has remained largely buoyant since the EU referendum on June 23rd 2016, with Birmingham, Nottingham, Manchester and Liverpool, recording

Since the June 2016 Referendum, the average house price in the 20 UK cities covered in the Hometrack Cities House Price Index, of which 19 have risen. Only Aberdeen has retracted. Therefore, it suggests that there has been “no immediate deterioration” in the outlook for prices or activity following the referendum.

Top Performing Cities Since Brexit

In the year to October, 5 Cities in England have performed notably; recording a 6% or above annual House price Growth.

Leicester (with 7.7 per cent)

Manchester (6.3 per cent)

Birmingham (6.2 per cent)

Nottingham (6.1 per cent)

Liverpool (6 per cent).

London (-0.4 per cent)

Aberdeen (-2.8 per cent)

House Price Summary

Brexit Latest & Property Prices

House price inflation is currently sitting at 3.2% annually, with growth ranging from +7.7% in Leicester to -2.8% in Aberdeen. London prices are falling by -0.4%. The impact of Brexit on housing has so far been limited, our lead housing indicators suggest no imminent deterioration in the outlook for prices.

Read More: Our latest Manchester Property Opportunity One Regent