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Business As Usual

I Guess That’s Why They Call it the Blues

16.12.19

Thursday’s general election result is good news for the UK’s housing market. Property experts Camilla Dell, Managing Partner of Black Brick and Bruce Burkitt, Founder at Property Experts explain why.

“The Conservative majority will resolve much of the immediate Brexit uncertainty and restore confidence, especially regarding property taxation. Sterling has rallied reducing the attractiveness of London to dollar buyers – but only to an extent, and may be short lived as the next round of negotiations start to try and get a trade deal with the EU before the end of next year.

We predict the Conservative win will result in sellers hardening their positions, causing prices to rise next year. There is significant pent up demand. In the final quarter of 2019, we registered twice as many applicants compared with the same period last year. The average budget per applicant has also risen, from £4 million to £6.35 million. And whilst the Conservatives have pledged to bring in a 3% stamp duty increase for overseas buyers, we predict that this will be absorbed by the market, as previous stamp duty rises have done. Most overseas buyers are far more concerned about an annual property tax, which isn’t part of the Conservative manifesto. We are also likely see a rush of deals exchanging ahead of any stamp duty change - we exchanged on two deals yesterday both by overseas buyers, before the election result was known in anticipation the Conservatives would win.” States Camilla Dell.

Bruce Burkitt, Founder at Property Experts, comments: “It’s fantastic to see the Conservatives achieve a majority, and the party’s re-election is good news for the housing industry with some strong policies in place. My hope is that they can achieve their ambitious target of building 300,000 new build properties per year by the mid-2020s, as well as continue and improve upon their initiatives to help people step onto the property ladder.

“The Conservatives are also the only party who have highlighted investing in infrastructure to support new homes as a key point. It’s also great to see that they are prioritising key workers and other local buyers being able to buy within their local area with a proposed 30% discount on new homes. I think theirs are the policies which will work best for our country and I hope they come to fruition.”

http://propertyexperts.co.uk/

https://www.black-brick.com

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