New Prime Minister

Whether you are over the moon or underwhelmed, Boris Johnson is now Prime Minister of the UK, and Esther McVey has been appointed as our new Housing Minister.

We are in favour of anyone who is going to improve sentiment or confidence in the housing market. Current economic data is fairly strong and we are selling more properties than we did this time last year, but the uncertainty of Brexit has caused some stagnation in the market. Going forward with Boris as Prime Minister, I would welcome any positive move on stamp duty or the additional taxes on landlords. Prohibitive stamp duty charges have long been a challenge for those on all rungs of the property ladder, and so both buyers and sellers will now be eagerly awaiting confirmation from Boris and his party on how he decides to address this. Transactions could slow in the aftermath of his victory as buyers halt activity until the policy introduction, so he needs to move quickly.

We wholeheartedly support the government’s most recent proposals for regulating the industry, giving consumers greater confidence that whether buying (re-sale or a new home), selling, letting or renting a property, they are dealing with a professional agent and there is a clear route to redress in the event of a dispute.

The countdown to our Brexit due date is back on and we will see a confidence return to the market. We would urge Boris to do all he can to encourage buyers and sellers to the market during this time, and to make sure that the UK can maintain its status as a homeownership democracy.