Property industry reactions

David Johnson, Managing Director of INHOUS (estate agent / buying agent)

“With Theresa May’s resignation today there is widespread concern that this mean further issues for the sluggish housing climate we are currently experiencing in the UK. However it is my belief that it has been all too easy in the past to make Brexit and related issues the scapegoat for a static market when there are other bigger factors at play. These wider factors continue to have a much bigger impact on the Prime Central London housing market than individual stressors such as Theresa May’s resignation.

“I believe that the change in the housing market will be minimal as the other key attributing factors are still in play. These factors include:

• Stamp Duty Increase — now 3% for second homes and 12% for properties of £1.5m and over
• Capital Gains Tax and its impact on overseas investors — From April 2019, non-UK residents who dispose of UK real estate will be taxed on any gains they make
• Clamping down on who is buying properties — estate agents and lawyers are now forced to verify who is buying property and where their money is coming from, particularly with overseas investors

“People keep looking for a reason as to why the housing market will be affected, if anything we should see an increasing number of potential buyers emerging from America, Europe and Asia.”