Agents are reacting favourably to news that the Conservatives appear to have won yesterday’s General Election with a majority of just under 80 seats.
There is also speculation that a more powerful Housing Minister, with Secretary of State status and a seat in the Cabinet, will be appointed.
In the early hours of this morning, seat after Labour seat turned blue in constituencies which had been Labour for as long as anyone could remember.
Liam Bailey, of Knight Frank, said that supply is now likely to rise. He went on: “This will put downwards pressure on prices; however some vendors may expect a bounce in prices, which may create a stand-off between buyers and sellers as the market re-prices.
“A shortage of supply in the lettings market may be further exacerbated as owners attempt to capitalise on any perceived ‘bounce’ and list their property on the sales market, which would put upwards pressure on rental values.
“Uncertainty over future tax changes in the Budget, which is scheduled to take place in February, may prompt some to accelerate plans in coming weeks.”
Nick Leeming, chairman of Jackson Stops, welcomed the end of ongoing uncertainty but called for action on cutting Stamp Duty across all house price brackets.
Walter Mythen at JOHNS&CO said of the election result: “This is the best outcome for the property market although we anticipate growth will continue to be slow for the foreseeable future as people recover from the hangover of the last three years of political instability.
“A Tory majority gives us some much needed clarity and will result in a quicker bounce-back to a ‘normal’ market. We wouldn’t expect any dramatic increases or decreases in the market but buyers and sellers will finally be able to get moving.
“We may well see the return of the casual investor too – who had all but disappeared in the last three years of political instability.”
Haringtons Buying Agency described the likely victory as “hugely comforting for the wealthy”.
Nina Harrison said: “I would expect prices to increase – they won’t race up but prices will definitely strengthen in central London as more people start to buy and sell again.”
Comments (17)
It may or may not have come as a surprise to you but, the UK now has a strong Conservative government with a large majority ensuring political stability and a decisive direction for the first time in nearly 4 years. Whether you are left or right of the political divide, this is a recipe for growing confidence in the UK economy, both at home and abroad.
The effect on the property market is likely to be both rapid and positive!
We’re already seeing a jump in the value of the £ against other major currencies. A sure sign that markets around the world see significant investment opportunities in the UK.
For property market this is likely to have two fundamental impacts.
In the UK, property values will increase in the south of the country and in London where for the last few years they have been in the doldrums, and where values have been holding their own in the north and Scotland there will be further increases. As a consequence, overseas investors will be returning to buying UK properties adding to the domestic demand, and UK buyers of overseas properties will be returning to the market with renewed vigour.
So, if you are to take advantage of this significant change you will be looking more seriously at marketing your properties to these returning buyers. If you are in the UK, look to promoting your listings on European, Chinese and Scandinavian portals. If your properties are outside the UK advertise them on portals like Rightmove, Zoopla, OnTheMarket and A Place in the Sun where UK buyers look first for overseas investments and holiday homes.
Oh, but you don’t have time to research suitable portals and upload your portfolio of properties to them. Of course, silly me. Oh, but wait a minute, there is a solution! You can automate your listings on any number of portals with an inexpensive XML2U feed. Fortunately, XML2U feeds are accepted by more than 1000 portals around the world, many of which are either free to the advertiser or offer special deals to XML2U clients.
I know, Christmas is just around the corner and your attention is on getting your loved one a suitably expensive gift! But, hang on – wouldn’t the best gift be knowing that you’ve secured your financial future? Now is the time to act. Get your marketing ducks in a row now so you can enjoy the festive period in the knowledge that you have given yourself the best chance of capitalising on a resurgent marketplace.
To sell a house you need a buyer with money
A buyer gets money by having an income from a job
The government generates wealth by creating jobs
Jobs come from trading with other countries
So who do we trade with as a country
USSR?
US?
EU?
China?
I’m not sure I like three of these options?
Bearing in mind the USSR dissipated over 30 years ago, I think your socio-economic outlook may also be 30 years out of date.
you are quite correct on both counts.
I’ll just pop down to the age mobility shop where I left my walking stick.
Jesus, the EU will not stop trading with us or we with them!
You are also quite correct
But
How we trade with the EU and the rest of the world may not be the outcome you are hoping for.
Secondly the NHS employs tens of thousands of EU nationals and the NHS is serverly overstretched because there are not nearly enough british nationals to fill any of the vacancies presently available, what happens if our EU friends decide to return to their country of origin?
Finally
The city of London genrates billions of UK tax dollars through it’s international trading, none EU countries used to rely on the UK being part of the EU for access to the EU markets but they are now relocating to Germany and France.
So where are the lost taxes going to come from UK stamp duty perhaps?
I’m not an expert, so I’ll shut up but still worried for the future.
LET. IT. GO.
You are also quite correct
But
Trade, we shall have to see but as the EU have always handcuffed us from trading with other partners and took a share of what we did, a more open market and opportunities should be an increase in trade just as you going into a corner shop compared to a supermarket.
Can’t speak for your local health service but nearly all the staff in my area are not from within the EU. I do not remember anything in Brexit that said we would start kicking anyone out that contributed to our nation. Illegals and non-workers at our expense is another discussion.
We shall have to wait and see if the ghost stories that remainers tried to frighten people with will come about or not. No-one knows but the UK is ideally primed as an outlet for the EU worldwide, its all in the details of eventual exit deal. The EU were banking (pun intended) on a hung parliament never ever going to agree, as they need us most than we need them. Now watch them become more flexible … they will not turn away economics.
As a Londoner I grew up with the financial district working as an estate agent selling these guys property, I’ve experienced first hand their knowledge of whats around the corner. If you see a sudden surge of activity in the London market specifically (look at areas including N10, N6, NW3, SW15 W5) then we know the market is going to improve nationally within 12 to 18 months as it takes a while to spread out to the Shires.
If the London market persists in the doldrums then we will know it could be a rough ride.
It’s a crude measure I know but one that has served me well over the last 4 decades
Yes I am that old and should be looking at wheelchairs not Porsche’s or even dare I say it a 3 series !!!
Not a Volvo? lol.
Brexit is THE scariest thing for transaciton numbers for both estate agents and conveyancers. A country going it alone, versus Europe whose members have a club of fellow European countries behind each of them.
Whatever way you voted the next 10 years are now stunted with the volumes we had pre-Brexit. Just reality now.
So ……. task ahead – go out and claim a bigger slice of the decade long smaller pie…..or your business will see redundanies and it will decline. There is no other option as the UK voted twice to leave Europe, so business owners and managers have a heck of a task ahead.
Nonsense. Brexit has nothing to do with putting a roof over the head of an ever growing population. Demand will always be there and now their is some certainty. Lending criteria and affordability has nothing to do with Brexit. The ‘hold’ has been on the uncertainty of what next, caused by disruptor politicians. Now we will find out and as always the country will adapt and people will get on with life.
Be good if that ends up the reality. Obviously. But the UK is not the same place now. Voters did it twice to the UK. We will now leave Europe and go it alone. We rejected Europe, while Europe will continue to look after their own members. So don’t sit back and watch – go get the business now, as your competitors will, or the inevtiable economic shockwave to hit the UK with lack of international trade, job loses, people not spending/moving…in probably just under 3 years…. will be too much to cope with.
The gullibility of the electorate knows no bounds.
Oh dear. It’s started. Already.
The ‘Boris Bounce’
Kevin Hollinrake step up