Britain: Look at the real estate market waiting for the fate of the bricast

Al Jazeera Net - London

"The Lord of a Beneficial Evil." This parable could serve to describe the defeat of British Prime Minister Theresa May's draft in parliament.

The pound has returned to the upside, which experts interpreted as a reflection of the satisfaction of the financial markets after confirming that it is not possible to leave the EU soon, and that the extension is a must.

All the discussions that accompanied the vote on the May project also made it clear to investors that no one in parliament wants to go out without an agreement guaranteeing the UK's commercial interests, experts say.

Speaking to Al-Jazeera Net, Professor of Political Economy, Dr. Nasser Qalloun, said that the financial markets have taken some positive advantages from the defeat. They have reached the conclusion that the government will not come out without an agreement.

A deep national crisis is believed and the British government is divided, but everyone agrees that a trade agreement is needed to ensure Britain's interests, which account for 80 percent of its economy.

On the state of the current financial markets, the economist says that the indicators are that the anticipation is the master of the situation. The market indices between green and red, and the pound did not collapse, but fell slightly, but returned to rise, with little change against the dollar, confirms the spokesman himself.

Britain has a state of anxiety and confusion that affects in one way or another the investments and future of the Europeans living there. Qalloun acknowledges that there is real concern for four million Europeans living in Britain, but they have not yet made a decision about the future of their business.

Negative indicators
The negative aspects of the crisis are reflected in the fall in real estate prices by 20 percent over the past three years, as well as the seven billion pounds ($ 9 billion) bailout in November.

But hope has returned with mounting calls to stay in the European Union or to reach a satisfactory agreement with him, according to Qaloun.

The unstable political situation in Britain is worrying investors, especially European companies in the UK, who are waiting for the end of the situation, as they currently benefit from the rules of the European Common Market, freedom of movement for their European employees and customs exemptions in trade within the Union.

The real estate market is also somewhat stagnant, and the customer is saddened by the prospect of price deterioration after exiting the EU.

Francesco Moscon, professor of business economics at Brunel University, west of London, also sees waiting and expectation as the current situation in Britain.

He adds in an interview with a local newspaper that Britain's deregulation - if it happens - will cause a recession, which could lead to a major disruption of economic financing.

Risk
What the British academic went to was the same thing that raised the concern of the British Industry Association, which warned of the catastrophic economic consequences of Britain's exit without agreement.

The EU expects GDP to shrink by up to 8% if London leaves the EU without a deal, putting thousands of jobs at risk.

Entote Djibouti, a European resident in Britain, says that he and his wife managed to obtain bank approval to finance their first home and were able to raise the first installment to buy a house in London.

But he said he had been waiting for more than a year for fear of being involved in buying at current prices and then collapsing house prices. He said he preferred to wait until things were clear and he could not afford to venture.

The uncertainty spread to demand for homes, with the report of the National Statistics Center that over the past two years there has been a slowdown in price growth in the United Kingdom.