Will Brexit Uncertainty Pose a Problem For Property Leaders In 2018?
A new study conducted by the British Property Federation – the trade association for UK residential and commercial real estate companies – predicts that Brexit uncertainty is going to be problematic for the property industry this year, after confidence in the sector has reached an all-time low.
The new survey found that 73 per cent of property leaders across the UK believe that the economic and political uncertainty caused by Brexit negotiations will be a big challenge for their businesses and business investment over the next 12 months.
The British Property Federation also revealed that confidence in UK real estate remains at a significant low, with only 48 per cent of property front-runners feeling assured about the sector.
Further to this, the survey highlighted that many property leaders are uncertain that the Government will secure a successful Brexit deal with the European Union – with only 29 per cent stating they feel confident in the negotiations, and 58 per cent admitting they are not.
Elliot Castle, CEO of We Buy Any Home, comments on the findings:
“It is a shame to learn from this survey that confidence in the real estate sector is at a historic low. It has been clear for some time that that the uncertainty surrounding Brexit negotiations is having an impact on the property sector’s business sentiment – in both London and across the rest of the UK.
Naturally, this poses a threat to both the real estate sector, and other industries that are vital for our economy to thrive and flourish.”
The sooner the UK government can generate certainty around Brexit and move forward with negotiations steadily, the better. This will have a positive impact on thinking and progress surrounding the economy – including the real estate sector. If you’re looking to sell your property but rather wait, get a free evaluation of your house in the meantime.