The impact of Brexit on the property market in UK

The impact of Brexit on the property market in UK

Introduction

The present British withdrawal first from European Union is perhaps the most massive financial separation since the World War II here between leading nations, and there is no precedence for any of the upcoming process of moving out of the EU. While it is almost probable, for both UK and the EU will be greatly affected by something was about to happen. This can be a suitable area to delve into, for research.

Importance of the problem

Economic and social partnership here between EU Member states is part of the European Union, also related to this as the EU. It started to encourage international integration after World War Two; with the premise that nations have trading relations are much less probable to experience with others on an internal market. This research focuses on analyzing the impact of Brexit on the property market in UK.

Aim of the research

The goal of this study is to examine the developments in the property investment industry in the UK and to define the reasons causing a change in values. The article analyzes the likely shift in the valuation of housing triggered by Brexit, which for the United Kingdom is a particular category of investment properties and a substantial element of household income. Recognizing the existence and direction of change in home values can make market investors aware of the extent of their vulnerability to risk and will help them recognize early signs of the potential for alternative investments or risks (Egan, 2019).It was intended to be part of the Lisbon Treaty – an arrangement ratified by all EU states that became effective in 2009. There was no specific process for a nation to leave Europe before the ratification.

Research objective and Research questions

Primary objective

The main objective of the present study is to critically analyze the variables which are likely to cause a financial or social transition in real equity in the wake of Article 50 introduced by Theresa May on 29 March 2017. Article 50 reflects a proposal for any nation wanting to leave the EU

Subsidiary research questions

The foremost research question is the lacunae of policy framework and what can be formulated to replace that. The latest research information should be used by policy makers as an official document on the fundamental value drivers of property prices to balance the economy. A systematic study of the potential factors that significantly affect the property market in UK is suggested in this study. This work often scientifically and methodically applies to research and the larger scholarly culture (Mohammed et. al, 2017).

Secondly, the condition of the real estate sales industry and how it has taken the aftermath is a secondary area of research.This intended research explores the effect of the United Kingdom’s leaving the European Union (Brexit) on homeownership, lending, and the UK real estate sales industry. Today’s politics has seen one of the most important decisions for the British and European people in the EU’s spanning four decades history. It is predicted that the consequences will be massive and substantial and will affect virtually all facets of life in Europe and abroad.

Literature review

In one of the foremost research studies by Hunt, the civil jurisdictions of the UK are not likely to be influenced by the Brexit referendum. To be exact, there is a particular collection of developing home regulating real estate rates in the United Kingdom, without any major EU-level interference. Therefore, Brexit is left unharmed by the required documents necessary for land possession, land registry, leasing and tenancy agreements, the conveyance procedure, the handing over of protection over property and land taxation such as postage property actual amounts and semi rates. In fact, in many of these regions, growing decentralization within the United Kingdom is expected to have much more effect than Brexit (Hunt, 2017).

In the research by Heald and Hodges, as real estate deals are not ring-fenced, this is just a portion of the story. Many of the relevant legal threats derive from other regions which are highly impacted by the criteria of the EU. This include preparation, government utilities, housing and maybe most relevant, control of the environment. The requirements placed on EU Member States have contributed, for example, to obligatory steps to increase the energy performance of the building and to potential limits on the allocation of industrial and domestic personal land that do not meet the requirements requirement for energy efficiency. Any impact of Brexit on these relevant fields may have an effect on real estate. (Heald and Hodges, 2020)

References:

Egan, M. (2019). EU single market (s) after Brexit. Politics and Governance, 7(3), 19-29.

Heald, D., & Hodges, R. (2020). The accounting, budgeting and fiscal impact of COVID-19 on the United Kingdom. Journal of Public Budgeting, Accounting & Financial Management.

Hunt, A., & Wheeler, B. (2017). Brexit: All you need to know about the UK leaving the EU. BBC News, 25.

Mohamed, M., Pärn, E. A., & Edwards, D. J. (2017). Brexit: measuring the impact upon skilled labour in the UK construction industry. International journal of building pathology and adaptation.

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