What Does The New UK Government Mean for The Property Market?
Last updated: 1.10pm, Tuesday 23rd July 2024
What impact will a new UK Governement have on the property market?
By Gordon Campbell
July 2024
Overview
With over 44 years of experience, expertise, knowledge and proven track record in property, we have the ability to look beyond short-term turbulence and focus on long-term fundamentals.
This approach is particularly relevant today as we navigate a landscape influenced by market fluctuations, policy changes, and economic indicators.
Apart from the investment properties we offer you that are off market, exclusive, below market value, in the right areas of strong capital and rental growth and insatiable demand, we also help, share and mentor you to achieving further wealth and income.
And it is free!
It is all part of the offering we give you. Do not underestimate the power and value of that!
New UK Government
Labour's electoral victory has significantly changed the UK's political landscape, raising important questions about the future of the property market.
With Labour securing over 400 of the 650 seats, the shift in power is profound.
Labour has pledged to ease the planning process, potentially reevaluating green and brownfield sites to boost housing development.
While promising, this policy's practical implementation poses challenges.
Infrastructure requirements and development timelines mean that while the policy might ease the housing crisis, the impact will be gradual and complex.
Labour's plan to impose additional taxes on high-value properties and provide incentives for first-time buyers could inadvertently strain the affordable housing market, creating pressure on both supply and demand.
This shift may create a temporary window of opportunity for savvy investors to capitalise on market adjustments.
However, these promises are highly unlikely to impact the supply of new houses needed.
So our belief it is business as normal. Huge demand. Not enough supply.
Increasing house prices and increasing rental incomes will continue.
As always we will keep you informed with what is really happening, and let's navigate these changes together to make strategic investments for you, create you long-term success wealth and income.
What is Expected Next?
With a new government, the pound will likely strengthen, and we might see another drop in the base rate, leading to cheaper mortgages.
That is happening already as this blog is being produced. https://www.nationwidemediacentre.co.uk/news/nationwide-cuts-mortgage-rates-by-up-to-0-30-percent
House prices, which are already increasing, will continue to rise. More investors will jump in because of cheaper mortgages and rising property values.
Buyer demand
According to Rightmove, 95% of people planning to move home say the upcoming election will not affect their plans.
In fact, there was a BOUNCE in activity after the 2015 and 2019 elections.
What does it mean to you as an investor?
It means you could be BUYING NOW before house prices rise even further and before the base rate drops after the election.
There's always a scarcity mindset—a fear-based reason not to buy.
But trust me, you won’t thank yourself for waiting.
Ask any property investor, and they’ll tell you, “I wish I bought sooner and bought more.".
We hear that all the time once investors realise what we do makes the whole process easy with our unique offering and service.
James and I continue to add to our portfolios in the areas we sell to you.
That is the confidence we have in the off market, below market value properties we sell to you.
Summary
Demand will continue to outstrip supply in Glasgow and surrounding areas that we offer to you exclusively.
It always has and always will.
The local economy remains to be diverse, strong and thriving.
Why Is The Glasgow Economy and Property Market One of The Best in the UK?
If you’re currently investing or looking to invest in property, and if any questions on anything, let us know and we will be happy to help in any way we can or contact us here by dropping us a message.
Thank you for reading.
Alliance Property Group. Making A Difference.