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PM begins Brexit process

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  • 29/03/2017
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Prime minister Theresa May has formally notified the European Union that the United Kingdom is beginning the process of leaving the bloc.

A letter was delivered to the European Coouncil in Brussels by the UK’s permanent EU representative today.

European Council president Donald Tusk confirmed receipt of the letter, noting: “After nine months, the UK has delivered.

Speaking in Parliament the prime minister said: “Today the government acts on the democratic will of the British people.

“This is an historic process from which there can be no turning back.

“I choose to believe in Britain and that our best days are ahead,” she added.

Earlier this week, Knight Frank managing partner Simon Gammon revealed some of the strategies borrowers were already undertaking to Brexit-proof themselves.

Among several methods, he noted that many homeowners were looking to lock in longer for lower mortgage rates.

Earlier this month Clayton Euro Risk CEO and president Tony Ward warned that a hard Brexit could seriously damage the UK’s house building capacity.

He highlighted the lack of skills within the UK housebuilding workforce and the reliance on EU workers which was already beginning to show vulnerabilities.

The effects of the Brexit referendum have already had their effect on the prime property markets.

Savills noted that in the £10m+ range, values in London appeared to be stabilising, thanks in some part to the fall in the pound following the Brexit vote attracting international buyers.

And Rosling King partner James Walton added that the UK can continue to be one of the world’s most dynamic property finance markets despite Brexit.

 

Read prime minister Theresa May’s Brexit speech to Parliament in full.

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