UK house prices rise, pound falls: Foreigners win off of Brexit
Housing prices in the UK have risen again as the pound drops 14% since 2016 against the dollar, making it a buyers’ bonanza for foreigners and a sorry slump for Brits, who are now faced with the impending consequences of a possible no-deal Brexit.
In the capital city of London, Britain’s housing crisis has hit a new low. In 2016, 30% of one- and two-bedroom homes were affordable for people on housing benefit, but fewer than 2% are still affordable.
To top it off, the British pound has fallen to a 28-month low against the dollar and a six-month low against the euro, as London and Brussels head for a fresh clash over a Brexit deal.
Boris Johnson’s newly formed government has just announced an extra £2.1bn of funding to prepare for a no-deal Brexit - doubling the amount of money it has already set aside this year.
What that means is that Brits can now expect more American, Russian, Chinese and Indian buyers of British houses.
A shortage of labour has resulted in an increase in employment costs. Wages have disproportionally risen and many small businesses that were reliant on British labour in 2005 are now heavily reliant on East European labour in 2019.
There are 4million houses needed to play catch up and it is East European labour which erects the houses. Labour costs rise, so house prices rise, so rents rise!
Boris Johnson’s Brexit move is aimed at placing more control into the hands of Brits, but at what cost? A shrinking pound and affordable housing for foreigners, who are now looking to call the UK their home?
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