The Government’s defeat in the High Court on triggering Article 50 and Brexit will increase uncertainty in the property market, stalling transactions and denting confidence, estate agents warn.
Yesterday’s ruling will “delay the triggering of Article 50, elongating the period of uncertainty,” according to Haart estate agents.
It says transaction rates are likely to continue to suffer as buyers and sellers hold off until they are provided with more clarity around the future of the UK.
Haart chief executive Paul Smith says the Court decision reignites “cause for a lack of confidence among buyers, sellers and housebuilders”.
He adds: “It cannot be emphasised enough how much the residential property market is reliant on confidence, and as we currently see a market that is suffering from almost record low transactions levels, especially in the capital, it is now more important than ever that clarity is provided.
“What we need to see is a quick, clean break from the EU, as opposed to a dragged out process that today’s ruling will make more likely. Britons have voted to be free of the EU, and their wishes should be respected with a clear exit strategy being put in place.”