How Brexit Will Affect the Housing Market
Brexit negotiations have seemed endless, leaving many uncertain. The UK-EU deal was finally reached before the 31st December transition period. This decision will impact many sectors, including the housing market. If you want to know how Brexit affects housing and moving to and from Europe, this guide offers key insights.
The UK housing market’s future is still uncertain. Brexit’s short-term effects may be minimal, but long-term changes are likely. If job losses follow Brexit, the housing market could decline, providing an opportunity for investors. Analyst Anthony Codling suggests Brexit could actually benefit the housing market in the long run.
Codling explains: “Fear of unemployment, rather than actual job loss, harms the housing market. The Brexit deal likely reduces this fear, which could stabilize the market.” Read his full blog here.
What It Means for Those Moving to Europe from the UK
If you’re planning to move to Europe post-Brexit, be aware of new steps. British citizens must apply according to the rules of their destination country. Each country has specific guidelines, so check them carefully. Although the deadline for the old laws has passed, some countries may extend deadlines due to COVID-19 disruptions.
The UK is now on the EU’s list of visa-exempt countries, allowing British citizens to visit Europe for up to 90 days without a visa. However, if you own a second home, you cannot stay more than three months without applying for residency or a long-stay visa.
What It Means for Those Moving to the UK from Europe
Now that the UK has left the EU, anyone moving from Europe to the UK must follow new procedures. The UK introduced a points-based immigration system. European citizens already living in the UK before 31st December 2020 must apply for the EU Settlement Scheme by 20th June 2021. The application is free, and status depends on when you apply. There are different deadlines depending on your situation.
The new system for EU citizens wishing to come to the UK after the deadline is still being finalized, but residence permits will be required.
Conclusion
The rules surrounding Brexit and the housing market are still developing. The process of moving to or from Europe will require new procedures. Brexit will bring both challenges and opportunities in the housing market throughout 2021.
