News emerged yesterday that a Brexit deal has been struck, and the GBP/USD is trading around 1.29 as we wait for the verdict.
MPs will sit in the House of Commons on Saturday to vote on the deal that has been agreed between the UK and the European Union.
The exchange rate was sent into a frenzy on Thursday following the events connected to the nation’s departure from the European Union.
Reactions have emerged on how the Brexit deal will impact the UK property market.
“The news of a Brexit deal will bring relief to the many European renters currently residing across the UK,” said the Co-founder of the roomshare platform Ideal Flatmate, Tom Gatzen.
“For many, the political purgatory caused by a protracted Brexit process has thrown doubt over their status to live and work in the UK and this has had a direct impact on their ability to rent, how long they can rent for and their commitment to enter into a lengthy tenancy agreement,” the Co-founder of Ideal Flatmate continued.
“Although the devil will very much be in the detail of [the] deal, a light at the end of a very long, dark tunnel should go some way in stabilising this segment of the UK rental sector and we can now get back to living in happy, harmonious households.”
Founder and CEO of Springbok Properties, Shepherd Ncube was relieved that a deal had been reached.
Shepherd Ncube said: “Hallelujah. Against the odds and in the face of doubters, a Brexit deal has now been done and the UK property market can emerge from its dormant state brought about by months of political uncertainty.”
“We don’t yet know the detail, of course, however regardless, the property sector will surely begin to breathe again on the basis of some level certainty being restored and this uplift in market activity should see the cogs of positive price growth and transactions start to climb once again.”
The Director of London lettings and estate agent, Benham and Reeves, Marc von Grundherr, also commented: “The political paralysis that the economy and in particular the housing market has endured these last few months has been torturous for would-be home sellers, buyers, estate agents, conveyancers and mortgage lenders alike.”
“London has certainly taken the brunt of this and while there are no doubt many details left to iron out, we can start to look forward and finally, beyond Brexit. This will bring about a notable change in the fortunes of weary London home sellers and the capital will now regain its title as the cornerstone of the UK property market,” Marc von Grundherr said.
“Foreign investment has remained strong despite the current landscape, but this revival in domestic appetite will fill the tank and see the market shift through the gears, if not immediately, certainly as we see in a new year.”
Will Boris Johnson’s deal make it through Parliament?