Theresa May – Good news for the UK Property Market?
On 11th Jul 2016, Theresa May became the countries 76th and second lady Prime Minister, her tenure at 10 Downing Street looks to be good news for the Commercial Property market in the UK.
We know that she is pro-EU and she has a lot of experience in UK government which makes the future a little more certain.
Since the Brexit was announced our property clients have been a little uneasy and virtually every single one of them has been holding off making any finance, purchasing or development decisions. Now that Theresa May has the top job in Government some positive movements are starting to be seen, but there is still a little unease about what Brexit will actually mean, but property discussions have definitely started to be made again.
We would all be pleased to see the new Government to now make property investment and the development of commercial property easier and cost efficient. That could be as simple as lifting certain planning restrictions, speed up the planning process and incentivising developers. From an investors point of view, the three percent additional Stamp Duty charge on multiple property ownership needs to be abolished.
The main fear around Brexit for our clients was due to the ongoing political uncertainty and the fact that the Bank of England has signalled possible interest rate cuts. We now have a little more certainty over the political aspects and the Central Bank has recently announced their decision to leave interest rates unchanged.
Our experience so far is that lenders are still keen to fund viable projects.
We are eagerly awaiting the measures which will be announced in the Autumn Statement from our new Chancellor, Philip Hammond.
Ultimately time will tell when the commercial market will pick up, but this will depend on the level of certainty and confidence going forward, which is critical.
We are in this period of change with our Clients and, if you’re thinking of buying, selling, investing, renting or letting out commercial property, give Russell Parker a call on 0113 200 9724, or e-mail him at email@example.com to find out how we can help.