'˜Soft Brexit' could be a boost for region's property market

Signs that a '˜soft Brexit' might be the final outcome of the upcoming trade negotiations will have significant implications for Yorkshire property markets, according to a consultant at Knight Frank.

Henrie Westlake, head of Knight Frank’s office in Leeds, said that he felt it is now clear that the preferred outcome for a future UK trade is one based on regulatory alignment.

Mr Westlake said that if the direction of travel continued to point towards a soft Brexit, we would expect more investors to look at UK property.

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He said: “The Brexit process has inevitably dampened our economy in 2017 due to the sheer uncertainty it has created.

Overall, the Phase One Brexit deal will in the short-term have a positive but limited impact on the economy, and the commercial property market.

“However, both the economy and the real estate market in Yorkshire can now see expectations on the long-term outlook begin to gradually improve if more evidence emerges confirming that a soft Brexit is probably going to be the final outcome.”