Property law is governed heavily by UK statute and common law and as a result the UK’s withdrawal from the EU, is likely to have little effect on real estate in the UK.Â
Away from law, it is likely that Brexit will have a more subtle effect with businesses assessing whether they want to be located in the UK, particularly as the freedom of movement changes.
We may see businesses seeking to renegotiate leases for more flexibility or holding off from carrying out works whilst they assess the situation and whether they want to remain based in the UK. A post Brexit Britain may suffer labour shortages, particularly in skilled sectors, as immigration decreases, which could in turn affect the supply of real estate in the UK.
However, despite the uncertainty surrounding Brexit, even during the transitional period, one thing that does remain a constant is that people will always need to move homes.
A change in personal circumstances whether it be getting married, having a new baby, or wanting to upscale or downsize are always going to be reasons to buy and sell property. Although, the pace to which the housing market moves post Brexit remains to be seen and arguably it will take several years to truly see the full impact of Brexit on the Real Estate sector in the UK.
For more information or advice contact our property team on 01753 889995 or email enquiries@bpcollins.co.uk.
