Housing and employment markets respond well to Brexit
The United Kingdom housing and employment figures improve after Brexit
When the United Kingdom decided to leave the European Union last June the prospects of a massive economic collapse seemed to be the preferred forecast for most analysts. It is true that we are only nine weeks away from Brexit and there is not enough time to measure all the consequences, but it seems that the United Kingdom maintains at least two of its strongest economic pillars: the housing and labour markets.
CBRE figures show that £60m worth of residential contracts was exchanged during Q2 in 2016 in the London’s West End, its second-best figure in the last four years. Lending figures were also increased to 14% compared to same period in 2015.
The employment market is also backing the British economy after Brexit as shown by the Office of National Statistics (ONS). According to this, the unemployment rate in the UK decreased by 52.000 people to 4.9%.
If we add the sterling pound depreciation to the above figures it is not difficult to expect a recovery of the economy moving forward.
But not only the housing and employment sector show positive signs, the M&A is responding well too as highlighted by our Managing Partner León Fernando del Canto in his article “UK M&A: waving not drowning”,which also shows an increasing investment appetite from Qatar and other non-EU countries.
After the many dooming forecasts following Brexit it seems that the economy and the market are responding positively
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Del Canto Chambers’ Editorial boardue, como ya opinara nuestro Managing Partner León Fernando del Canto en otras tribunas, ha convertido el temblor de la salida de Gran Bretaña de la UE en un suave balanceo.
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Redacción de Del Canto Chambers.