We are not leaving the EU??

We are not leaving the European Union Or.... its soft to play for…??

All the news and reports that stream throughout the United Kingdom lately often revolve around one word; Brexit. This morning, some very significant news surrounding the Brexit decision took place. Parliament has been handed the opportunity to challenge, or even delay, the possibility to leave the European Union. The High Court has ruled that Theresa May cannot bypass parliament when she triggers Britain’s exit from the European Union. This means that her timetable of enacting Article 50 by the end of next March and leaving the EU by 2019 could be delayed. This makes it much harder for Theresa May to pursue her plans for a “hard” Brexit. Nigel Farage worries that there may be a betrayal at hand. He said, “I now fear that every attempt will be made to black or delay the triggering of article 50. If this is so, they have no idea of the level of public they anger they will provoke.” [1] The clashing views that people have had throughout the whole of the Brexit “process” continue to drag on. Those who voted to remain in the EU find this news very uplifting. The possibility that there could be another vote gives the people a chance to decide what kind of a Brexit they would like to see put into action. Those for a “soft” Brexit are rejoicing, and so is the pound. After the government announced that it couldn’t trigger Article 50 without parliament approval, the pound jumped to a high of $1.24 for the first time in three weeks. [2] For many people, this positive effect of decision made this morning was received with optimism. Many are still unsure of the long-term effects Brexit will have on the UK’s economy. This news comes at a good time and should instill positivity into the people and the markets. It also keeps the debate alive that the UK could pull back from a complete exit and gives rise to new possibilities of a softer exit.

A path to a “softer” Brexit and a delay in the “hard” Brexit gives those tied into London’s property market a reason to be optimistic. The United Kingdom has a huge international population, especially London. Around 3.2 million people living in the UK in 2015 were EU citizens. In this year, up until March 2016, there were 270,000 people from the EU that emigrated to the United Kingdom. [3] There is also a large population of non-EU nationals living in London; a high number of them are here to study. In contrast to that, the majority of EU citizens who move to London are here to work. The proportion of EU citizens coming for work has continually risen over recent years due to the expansion of the EU. Many of those with properties in London can now look at making their stay here more permanent or prolonged with the news of a delayed “hard” Brexit and a path to a “softer” Brexit. This particularity ties into the rental market in the Royal Borough of Kensington and Chelsea because a high proportion of Tenants are international. Because of this, we may see the confidence rise in those looking to extend their rental contracts, or change for a better suited apartment. This in turn could lead to a healthy injection of activity into the Lettings market.

It’s watch this space until anything permanent relating to Brexit has been decided, so until then we can continue to ask ourselves; will Brexit still happen? As of now, if the Supreme Court upholds the High Court’s decision then it will be down to the MP’s to decide. This news will put a delay on the scheduled timetable to Theresa May’s possibly perceived plans for a hard Brexit.


Sources
http://www.bbc.co.uk/news/uk-politics-37857785
http://www.independent.co.uk/news/business/news/brexit-legal-challenge-pound-sterling-value-rise-latest-dollar-euro-currency-exchange-high-court-a7394951.html
https://fullfact.org/immigration/eu-migration-and-uk/