Raab’s announcement follows the resignation of David Davis, who left the post on Sunday 8th July.
In a statement on Twitter, 10 Downing Street said: “The Queen has been pleased to approve the appointment of Dominic Raab MP as secretary of state for the Department for Exiting the European Union.”
The MP for Esher and Walton was appointed minister of state for housing at the Ministry of Housing, Communities and Local Government (MHCLG) in January.
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The move followed a ministerial reshuffle by Prime Minister Theresa May, which saw the renaming of the department.
Raab will now head up the department which is responsible for overseeing negotiations to leave the EU and establishing the future relationship between the UK and the EU.
The prime minister has named Kit Malthouse as the new housing minister.
Reacting to the announcement, Paresh Raja, CEO at Market Financial Solutions, felt the UK property sector would feel the impact of Raab's appointment.
“News that housing minister Dominic Raab is to now become Brexit secretary means yet another MP takes hold of the reins as the government attempts to address the housing crisis.
“It’s vital the government acts quickly to appoint a new housing minister and ensures it sticks to its strategy to help more people get on and move up the property ladder.”