After the Vote: What will Brexit mean for real estate in the UK?

United Kingdom

This article was produced by Olswang LLP, which joined with CMS on 1 May 2017.

The British people's choice to leave the European Union has come as a big shock to many in the property industry. With some notable exceptions, most property people appeared to favour the status quo of remaining in the EU, warts and all. The biggest motivation was the uncertainty of the consequences of leaving for the property market. How many international occupiers would up sticks and head to the EU hubs of Paris or Frankfurt? What impact would Brexit have on property values?

Now that the vote is for Brexit, the impact, from a real estate perspective, is more likely to be of a commercial nature rather than legal. This is because the UK has its own set of laws for real estate which, environmental and climate change laws aside, have not been greatly influenced by EU law.

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