You might have heard that on the 10th of September 2019, Parliament was shut down amid chaotic scenes until approximately the 14th October under the instruction of the UK’s new Prime Minister, Boris Johnson.
The act was in line with an annual tradition called Prorogation, which is the formal term for the end of the Parliamentary season. The beginning of the break is generally marked with an event and a speech which addresses the Queen. Yet this one was a little different, considering the resume date is only two weeks before the current date set for Britain to leave the EU – potentially the most important political date of our generation and arguably not a great time to take a holiday.
The fact that there is still no concrete plan to leave the EU on the 31st October, means that this particular parliamentary break has been deemed at the very least inconvenient and at the most unlawful, as some Justices are still trying to decide. Notably, many believe that Mr Johnson’s pushing through of the act is to fulfill his own agenda of leaving the EU without a deal.
But what does it mean for us in the lettings sector?
On the 29th August, The Negotiator reported that the shares of Foxtons, Countrywide, Rightmove, Savills, and Purplebricks had already fallen ahead of the act but directly because of the further uncertainty it was causing.
Uncertainty has until now been a good thing for the lettings sector as landlords and tenants await decisions before moving and/or selling, however at this stage, a lack of faith in the UK is discouraging newcomers and encouraging our own nationals to leave; and with fewer people, the industry will always be less lucrative.
Following the shutdown, a YouGov poll of over 5,000 people showed that only 27% actually backed the shutdown, indicating that if a general election was to be called, the Tories and our new PM could feel the impact of the public’s unrest – but until then they are still in power.
Leader of the opposition, Jeremy Corbyn, as well as (in an unusual turn of events) some Conservative MPs, labeled the move a threat to our democracy leaving the general public feeling very powerless.
Our own MD, Charlie Saunders notes,
“As the 31st October Brexit deadline looms, the lettings sector remains steady as both tenants and landlords await certainty before making any moving. At this time, we must work together to prepare for all outcomes because one thing is for sure, a shake-up is coming.”
Great British Grit
Despite all of this, we have businesses to run and it is a true show of British character to push through adversity together as a nation. While the politicians do what they do, we can work together to ensure the security of our future by letting quality homes and maintaining the lure of London outside of politics.
If you are in need of property inventories to support your lettings business, then allow us to Assist you. Contact us today to book.
Since publishing, the supreme court has ruled Boris Johnson’s suspension of parliament as unlawful. Click here for more info