BTG Advisory provide comment on the implications of Brexit for the UK real estate market, particularly regional projects, some of which qualified for EU funding.
London has established itself as a dominant draw for international real estate investors in search of growth, stable income, and a safe haven for capital in a sometimes turbulent world. At the same time, Britain’s regional cities have been pushing hard to attract and expand inward investment. So far, so good. Yet in the wake of the EU Referendum decision and the official start of negotiations, the inevitable question is whether confidence will prevail now Article 50 has been triggered and whether Scotland’s agitation to succeed has been stymied by the General Election result.
It’s worth remembering that many of Britain’s regional cities had to completely reinvent themselves in the aftermath of manufacturing decline in the 1980s, especially in the North and Midlands. With their centres largely abandoned by residential communities and pocked with outdated retail provision and vacant light and heavy industrial sites, transformation has required radical rethinking and has seen the cores of cities such as Manchester, Liverpool, Leeds, Newcastle, and Birmingham changed completely.
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