And How They Could Affect Your Property
In this 3-minute read, we explain what Boris Johnson’s landslide victory at last weeks general election could mean for the property market.
The election on Thursday 12th December 2019 saw the Conservatives win 43.6% of the vote, the highest share for any party since 1979. The value of the pound immediately soared in response to the news; and on Friday morning the pound had already surged to a three-and-a-half-year high against the Euro and its highest rate against the US dollar since last May.
The positive reaction our economy has had to the results also means that some stability should return to the property market; and that we will all enter 2020 with somewhat of a spring in our step.
After his election win, Prime Minister Boris Johnson renewed his vow to take Britain out of the EU on January 31; signifying a highly potential end to the uncertainty surrounding Brexit. The closure this brings suggests that property prices are likely to grow next year, as those who have been holding off re-enter the market and a huge amount of pent-up demand is unleashed.
Whilst the South East has remained one of the least affected areas since the initial vote on Brexit in 2016, on the whole, we’re confident that 2020 will see a more buoyant market than we’ve experienced in the last 3 years.
Property expert, Andrew Montlake, Managing Director of mortgage broker Coreco said to inews.co.uk, “Expect a sharp uplift in transaction levels starting early in 2020, as buyers and sellers who have played it safe put their plans into motion,“
“Although a lot of the hard work around Brexit has yet to be done, there is now a political stability that will give a lot of people the confidence to get on with their lives,“ Mr Montlake said. And we completely agree.
Whilst the long-term impact of Brexit remains to be seen, the Conservative win has definitely had a positive short-term effect, which we expect to continue throughout 2020.
In summary, if you’re house-hunting you should see a surge in available properties over the course of the year; and for homeowners, you may experience an increase in the value of your home.
Read on to find out what The Conservatives pledged for the property market in their manifesto.