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According to one expert, the answer is “yes”. At least one veteran estate agent believes that the new chancellor, Philip Hammond, chosen to replace George Osborne will seek to calm fears in the property market by tempering the Stamp Duty rates imposed by Mr Osborne.
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If this happens, it is likely to stimulate activity in a beleaguered marketplace where transactions have fallen by as much as 50%.
Overseas Investor Interest Increases
Interestingly, overseas investor interest has increased since the Brexit referendum. With the pound exchange rate currently in freefall against the dollar, overseas investors with a keen eye on a quick profit are looking to cash in on the current economic woes.
Property Bargains Available
There are certainly plenty of bargains to be had since property prices are lower than they have been in a while, particularly in London. Landlords with spare capital could do a lot worse than invest in new properties to take advantage of the flat property market. Interest rates are also very low and experts believe they are unlikely to rise any time soon.
“I don’t believe Mark Carney will take a risk with the Economy by raising Interest Rates to support the Pound and offer a higher yield on Gilts to help finance our trade imbalance and, therefore, mortgage rates will continue to be at an all-time low which will be comforting to homeowners,” says Trevor Abrahmsohn from London based Glentree Estates.
“Although these sudden events are initially unsettling, as in 1992, when the UK fell ignominiously out of the ERM the Economy never looked back. It was traumatic at first but the gain in the medium to long term was all too real,” he added.
