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Industry reacts to Brexit deal

A Brexit deal has been agreed between the UK and European Union negotiating teams in Brussels according to Prime Minister Boris Johnson.

Johnson (pictured) tweeted this morning: “We’ve got a great new deal that takes back control.”

The deal still needs approval of both the European and UK parliaments.

Tom Gatzen, co-founder of ideal flatmate, said: The news of a Brexit deal will bring relief to the many European renters currently residing across the UK.

“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.

“Although the devil will very much be in the detail of today’s 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.”

Marc von Grundherr, director of Benham and Reeves, added: “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.”

Overall mortgage brokers welcomed the deal.

Ray Boulger, senior technical manager at John Charcol, said: “From the housing market point of view there has been a significant number of people holding back making decisions about buying and now they may be prepared to start buying.

“Assuming the House of Commons approves this we’ll see a pick-up in activity. It should help brokers and estate agents.”

Payam Azadi, director of Niche Advice, echoed this.

He added: “That’s great news and will certainly give the market some stability although there will still be some volatile times ahead and the devil is still in the detail.

“Is it Mrs May’s deal 4.0 or is there more to it than that?

“I’m hopeful. After so many years we want the transition to be as smooth as possible.”

Adam Hindler, managing director of Simply Adverse, said: “I think the industry is seeking closure now and whilst the outcomes will indeed come down to the finer details, it feels like we are all ready to move forward finally.”

 

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