The response of the high end property market to the result of the General Election has been quicker than many estate agents could have imagined. Rokstone, an agency based in Central London, reported that they were receiving enquiries from investors shortly after midnight before the final result was even known as it already looked like a Labour government would not occur. A Conservative victory means the proposed mansion tax won’t happen, so the prime market can look forward to the next five years with confidence.
The prime market across the UK and particularly in London had slowed a great deal at the start of the year with a close election predicted. Now that the results are in, many investors are going ahead with purchases. It is interesting to note that enquiries are coming from both UK based and overseas investors. This shows that confidence is returning to the UK from all quarters.
Many investors have burst out of the blocks today so they can move on with purchases in case prices rise on the back of the election results. Many of the enquiries have been about properties worth over £2 million although some buyers are still being put off by the stamp duty changes. The prime market across the UK is expected to show growth over the rest of the year with some even predicting it to be as much as 20%.
Although the prime market is seeing plenty of movement it is expected that the impact will be felt at all price levels across the UK. If you’ve been holding off from investing in properties the coming months will be the perfect time to take a look at the market and decide on your strategy. At Finefair we would be happy to help you with this and can provide all of the support you need to prepare a great plan. From property management to guaranteed rent to council leasing in Tower Hamlets and the rest of London, we can advise and support you with all aspects of property.