It’s been over 12 months since Britain made the decision to exit the European Union and despite the passing of time, we are still facing uncertainty about what this means for both the UK and property industry. We’ve decided to take a look back over the year to see what impact Brexit has had so far.
What’s happened since the vote?
June 24th 2016: David Cameron declares that “the country requires fresh leadership to take it in this direction” and steps down from his role as Prime Minister.
July 4th 2016: Nigel Farage follows suit and steps down as Ukip leader.
July 13th 2016: Mrs May becomes Britain’s second ever female Prime Minister.
November 3rd 3016: The High Court announces that Theresa May must give MPs a vote before triggering Article 50.
February 8th 2017: The House of Commons approves the Brexit bill, starting withdrawal talks under Article 50.
March 29th 2017: Article 50 is triggered.
April 18th 2017: Theresa May calls a snap election.
June 9th 2017: The results of the election are catastrophic for the Conservatives, wiping out their majority and leaving them seeking a deal with the DUP.
The impact of the vote on our economy so far:
Despite the value of the pound dropping sharply against the euro after the result announcement, the economy seemed to hold up surprisingly well for the first few months. However, in recent weeks’ signs of a rough future have begun to appear, as UK wage growth has slowed and started to lag behind inflation.
The impact of the vote on the housing market so far:
With buyers and sellers taking a wait and see approach, UK housing transactions started to fall and were down in the first half of the year. However, house prices have continued to rise with only London being an exception to the rule and although there is still much uncertainty around the UK housing market, it is thought that the demand for property and the shortage in housing, could keep house prices in place.