It’s been a few weeks now since the UK voted to leave the European Union, and the dust is starting to settle, all be it very slowly. In this post we’ll take a look at what Brexit could do to the property and construction market in the UK and if it will impact on our recovering sector.
It’s not all doom and gloom
This is an important point to make, although the vote to leave the EU was a shock (even to those who voted out) the fall out in the property market has not been the catastrophe experts had predicted. In an article published by the Independent only a week or so after Brexit, stating that ‘There are no signs of the British property market “falling off the face of the earth” as some had feared it might if the UK voted to leave’ it seems that our property is being snapped up by overseas investors. In fact, it would appear that estate agents across the country are in-undated with calls from international clients looking to buy our property.
Buyers seeking bargains
Now of course some of this rush for property was due to the huge plummet of the pound after the votes had come in, however the pound is looking strong again (at the time of writing this piece) and property is still being sold in its droves across the country. Buyers are looking for two things when investing, a great bargain and strong returns on investment, right now the UK is offering both to investors and as long as it continues to do so, the ‘Sold’ signs will continue to go up.
What can we expect long-term?
In truth, no one knows at the moment what Brexit will mean for the construction and property markets in the medium to long term. What we do know is, that at present the market is buoyant, investors are investing and construction is continuing. The UK continues to be a hotspot for commercial, domestic and buy-to-let property and we believe that cities such as London, Manchester, Birmingham and Liverpool will continue to see growth and regeneration, particularly with the completion of the Crossrail project set to link the north to the capital.
The vote to leave the EU does not seem to spell the end of construction in the UK as feared. We will of course see fluctuation in the market over the next few years, but we remain positive following the relative economic stability over the last week or so, and let’s remember that as long as there is investment in our property, there will continue to be construction.