Following a historical referendum on Thursday 23 June 2016 it was announced in the early hours of Friday morning that the United Kingdom had voted to leave the European Union. A result which seems to have shocked many, yet democracy has spoken and it is time to prepare and move forward into unknown territory for many of us.
Since the result reactions have been full of emotion and the turmoil we have seen in the few days following the Brexit result suggests that we are unprepared for this move. Politically, David Cameron has resigned and will leave his post as Prime Minister come October, 12 Shadow Cabinet members have resigned, Jeremy Corbyn finds himself under extreme pressure and George Osbourne seems to have been in hiding for 3 days. Even at the very highest levels of Government no one was fully prepared for a Brexit vote and to be frank it seems no one knows what the future holds.
We are sure you have been reading, watching and listening to various press sources since last Thursday and you are all likely aware that the next 2 years will see mass instability in confidence and currency. You can view how it will look depending on what story you’ve read or heard but it boils down to the fact we could well talk ourselves into a recession.
Uncertainty is obviously associated with housing market pressures. It remains to be seen as to how the UK market reacts, but on Friday alone our associate finance company saw 3 buyers who sourced finance pull out of sales.
Focusing on overseas markets and Expats nothing will change for around 2 years as the UK negotiates is exit from the EU under Article 50 of the Treaty on European Union. In this period the UK is still part of the EU and therefore Expats can continue to work and live there as they do so currently, when this period does expire it will be critical that expats review inheritance and taxation laws which could affect them.
Whilst Expats may not be directly affected the housing market could be. In Spain for example property prices are strongly linked to British demand. Given the Brexit vote property prices could well be effected in Spain as demand will fall. This is not to say prices will decline further but prices will not increase at a quick rate.
EU Property Solutions believe that many foreign homeowners position has not changed overnight. If you were in Negative Equity last Thursday there is a good chance that you are today. It is all relative, European Property markets may slow again and your negative equity issue may be exacerbated but technically your situation has not changed.
We deal with European Property Negative Equity a debt issues day in day out and assist clients with Negative Equity with the disposal of troublesome assets and finalising settlements with their Lender. Since Brexit our stance hasn’t changed and we will continue to offer our current clients and new clients independent tailored European Property debt advice.
EU Property Solutions understands your lenders process and also the legal requirements to offload your troublesome European Property. If it is Brexit that has triggered your decision to rectify your property burden, or if you are tired of funding a property that is not bringing a return then please call our team today.
Please call EU Property Solutions today on +44 (0) 330 124 1230 and we look forward to meeting you.