It has felt like Brexit negotiations have lasted a lifetime. The lack of any concrete knowledge on how deals will be executed and things will change between the UK and the rest of Europe has left many of us on edge. A deal was finally made last month, just in time for the end of the transition period on the 31st December. Brexit is set to impact everything including the housing market. If you are looking to find out just how Brexit has affected the housing market and how it will change the way you can move to and from Europe, we have put together a handy guide that tells you all you need to know.
How Brexit will affect the housing market
It is hard to know just yet how exactly Brexit will impact the UK housing market, for it is less likely to be impacted in the short term, and more in the long term. If Brexit turns out to cause job losses then this could, in turn, lead to a drop in the housing market providing an opportunity to invest in property. City Analyst Anthony Codling has stated that Brexit could be good for the housing market.
He has claimed “It is fear of unemployment rather than unemployment which has a negative impact on the housing market. The Brexit deal is more likely to reduce the overall fear of unemployment rather than increase it, in our view.” <a href=”https://www.twindig.com/market-views/house-prices-and-brexit”>You can see the rest of his blog here.</a>
What it means if you are moving to Europe from the UK
If you are looking to move to Europe from the UK now that Brexit has taken place, there are different steps that you need to take and be aware of. Firstly, British citizens who wish to move must apply in accordance with the rules of the country they are moving to. There are different rules depending on which of the countries you will be moving to which you will need to read. While the deadline for moving within the old laws has passed, some countries are considering extending the deadline for settled status due to the disruption of Covid-19. Due to the fact that the UK is part of the European Union’s list of visa-exempt countries, you will be able to travel to Europe for up to ninety days without requiring a visa. This does mean that if you have a second home you won’t be able to spend more than three months there a year without applying for residency or a long-stay visa which might have strict limitations.
What it means if you are moving to the UK from Europe
Now that the UK has left the EU, anyone who wishes to move to the UK from Europe has to follow a new procedure. Those entering the UK will need to apply under a new immigration system that is set to be points-based. The new system for those who started living in the UK by the 31st of December is called the EU Settlement Scheme and the deadline for applying is the 20 June 2021. It is free to apply to the scheme, and the status you get could depend on when you applied. Deadlines for applying are different depending on situations such as if you are looking to join a close family member if you are the family member of a British citizen and if you stop being exempt from immigration control. The exact specifications for how the points-based system for EU citizens looking to live in the UK after the above deadline will work is yet to be confirmed, but residence permits will be needed.
While the new rules and information on Brexit and its implications are still being cemented, it is clear that things will change through 2021 for the housing market.