Has the UK made the biggest mistake in it's history voting out the EU with the property market hardest hit?
06-25-2016
ttps://petition.parliament.uk/petitions/131215
1,246,943 signatures so far...
With the referendum results on everyone’s lips for the past 6 months and were are sure for the next 6 months, questions were inevitably being raised about what it could mean for the British housing market. What might be the consequences now Britain have voted to leave the EU?
There were so many if's and but's in the equation that long-term forecasts were more than usually speculative. But as was evident in the pre-election period, when the property market stalled, there is nothing that spooks markets more than uncertainty.
A survey earlier this year by accountants KPMG found that 66% of property experts believed that 'Britain leaving the EU would have a negative impact on inbound cross-border investment'.
It’s looking like the Central London property market will be hit hardest, but the impact would not be confined to the capital. We have seen many times before a slow but impactful affecton Greater London and Home Counties then to the midlands and North England. Conversely, there are many people that believe now the UK is freed from EU regulations it could attract more inward investment and the property market would benefit.
Owner of Victor Michael Estate Agents, Victor Khatri believes 'the out vote will and has in the past day had a disastrous affect on on the property market. We have seen a huge level of panic, stress and quite frankly insanty from the uncertainly from people in the middle of the buying process. We need stability, sensativity and sensile decion making"
A parliamentary petition calling for a second referendum has attracted more than a million signatures, even as unprecedented demand temporarily crashed the website.
On Friday a government website saw an “exceptionally high” number of visits as hundreds of thousands of signatures were added to a second referendum e-petition in the wake of Britain’s leave vote.
By Saturday morning, more than 1 million people had signed up, 10 times the number needed for the issue to be raised in parliament.
The petition, set up by William Oliver Healey, states: “We the undersigned call upon HM government to implement a rule that if the remain or leave vote is less than 60% based on a turnout less than 75%, there should be another referendum.”
On Thursday, 51.9% of voters opted to leave the EU, and 48.1% voted to remain part of the bloc.
A map of the petition’s signatures indicated that most activity was in England’s major cities. The highest number of signatories came from London, where most boroughs backed remain in the referendum.
A House of Commons spokeswoman earlier said the site had temporarily been taken out of action due to “exceptionally high volumes of simultaneous users on a single petition, significantly higher than on any previous occasion.”
“UK parliament and the government digital service are aware of the issue and are working hard to resolve the problems as quickly as possible.”
The parliamentary petitions system is overseen by the petitions committee, who consider whether petitions that receive more than 100,000 signatures should be raised in the House. The committee is due to sit again on Tuesday.
The surge came as nearly more than 100,000 people signed another petition calling on London’s mayor, Sadiq Khan, to declare the capital independent from the UK and apply to join the European Union.
The Change.org petition had gathered more than 100,000 signatures by Saturday morning. The page, set up by James O’Malley, stated: “London is an international city, and we want to remain at the heart of Europe.
This petition is calling on mayor Sadiq Khan to declare London independent, and apply to join the EU – including membership of the Schengen zone
Please click here: https://petition.parliament.uk/petitions/131215