When the floodgates in Eastern and Central Europe were opened for migrants from migrants from countries such as Afghanistan, Syria and Irak, property owners didn’t quite think of the effect this could have on the way they rent out their houses or apartments. This is quite normal especially considering the ever-climbing prices of rent in the United Kingdom and the capital London in particular, as well as cities nearby such as Oxford, Reading, St. Albans, etc.
Landlords didn’t think twice when it was time to decide on Brexit either, as things were looking up and the trend of the climbing rents had not changed in the past 20 years or so, but once the hammer dropped and it was decided that our country was going out of the European Union, almost everything took a turn for the worst. This was just the first of many problems that occurred afterwards for people in the property letting business. The property owners felt okay, when the rental prices stopped increasing for a little while, as they were already doing good with the rates, the way they were. The problems were just starting though and here’s a list of the most prominent issues we know of so far.
- The rental prices not only in London, but all surrounding cities have stopped climbing, which might not look like much now, but it’ll turn into a problem with continuing inflation and the decrease in the overall economy growth.
- The reason most people decided to vote for Brexit was to stop the migrants that were already pouring into Eastern Europe, but most people didn’t even consider that it would take two years at the very least for the borders to be closed and for the UK government to be able to impose any limitations to the people coming into the country.
- Now, two years after Brexit and two years after the migration process began, the flow of people coming in from Syria, Irak and Afghanistan as well as many other African nations, has decreased tremendously, which means most of the people that were coming over, are already in the EU and they can move freely inside the borders of the Union, of which we’re still a part of. A recent article in the Telegraph about the refugees causing problems in Sweden is just one example of what could happen in the United Kingdom in the upcoming one and a half years.
- The terms of Brexit and how it’s looking at the moment is one other thing we should strongly consider. Although Brexit is around the corner, for a trade deal to be struck, it appears as if our government will still need to allow free movement of people from across the EU to come in the country and leave as they please. We’re still unsure whether or not that’s going to happen, but it definitely seems so, especially looking into this article posted on the website of the Guardian.
- And here’s what this will most likely mean for people living in Oxford and the region. Oxford is a well known and very prestigious city famous throughout the world for it’s academic incline. Once Brexit was initiated, because of the migration crisis in Eastern and Central Europe, people from Oxford weren’t stressed at all, but when the dust from the referendum started settling and we found out how strongly the PM of the country believes in the conservative way of thinking and how bad things were looking for foreign students, the Oxford landlords and property management firms started considering that Brexit might take a toll on them as well.
We’ve recently decided to run a poll on local businesses if they have noticed any changes in the way business is conducted in the city of Oxford and if they are looking into more or less profits and we’ve received some mixed results from it. It appears like cleaning companies offering the well known end of tenancy cleaning in Oxford are having a spike in bookings in the last year, but this could mean two things, one of which is quite unpleasant. Although the UK has managed to once again record an economical growth, it could be the last exhale of our economy before it goes the other way around. Services such as the end of tenancy cleaning business, will most likely record higher profits and number of bookings in the next year or two, before the movement of people stops. London for instance has been the heart of Europe, with people from all over the continent pouring into it and such businesses, as well as the property letting business were thriving, but if this migrating process is stopped, a decline in business is imminent. Oxford and the University of Oxford, will most likely also be affected by the Brexit which was caused by the migrant crisis and the number of people that are going to study in the University in the upcoming years, could also decline, causing problems for the property letting business, the cleaning business, the property management business, etc. The rental prices will most likely not decrease, but won’t increase either, at least not in the foreseeable future. All of those issues are hard to ignore and are really important to consider. Investing in properties in Oxford could also stop, as properties won’t look as appealing as they once did. New properties and buildings which were planned, might not be built, causing economical issues in the construction business as well.
We’ll continue to monitor the business and how it affects all of these related industries, polling different companies to find out how things are looking for them and update the article accordingly to provide further information on how Oxford and the life in Oxford is looking like.