Leaving the EU Could Boost the Property Market
Brexit could make doing major property deals easier, a Liverpool city region lawyer claims.
Many in the business world have been dismayed by the UK’s vote to leave the EU.
But Hillyer McKeown associate James Cullen believes one of the biggest benefits could be a reduction in the amount of red tape that often seriously hampers the speed and flexibility with which deals can be done.
Mr Cullen said: “There is no question that large local authority-backed deals will be able to proceed much quicker if barriers currently presented by EU state aid rules and procurement are loosened.”
“The Government has walked a delicate tightrope on schemes such as Help to Buy clinging on to exemptions.
“Gaining approval to schemes can be hugely time-consuming and a relaxation in the rules could well pave the way for a much needed boost to the housing market.
“The same applies to EU procurement rules. At the moment, any public sector body that wants to put out a tender for building works has to go through a convoluted and lengthy process to expose the opportunity to the wider European market.”
Hillyer McKeown has offices in Liverpool, Chester and Wirral and works on deals with the business sector.
Mr Cullen added: “A fall in the value of the pound and declining property prices should also increase the amount of investment flowing into the UK as investors look to take advantage of opportunities presented by the continuing uncertainty.”
Leaving the EU Could Boost the Property Market
