Last week’s High Court ruling that only parliament could start the process of leaving the EU is likely delay the triggering of Article 50 extending the period of uncertainty in the housing market, according to Paul Smith, the CEO of haart estate agents.
Smith believes that transaction rates in the sales market are likely to continue to suffer as buyers and sellers hold off until they are provided with more clarity around the future of the UK, which in turn could drive up demand from people looking to rent property in the private rented market.
“The [High Court’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.”
Smith (right) believes that a “quick, clean break from the EU” is desperately required to help boost the residential property market and wider economy in this country.
He continued: “Britons have voted to be free of the EU, and their wishes should be respected with a clear exit strategy being put in place.”
‘The [High Court’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.”