It was a busy day in London yesterday as Boris Johnson began his term as Prime Minister, which saw Chancellor Philip Hammond and Foreign Secretary Jeremy Hunt resign alongside other high profile exits from cabinet. Dominic Raab and Priti Patel returned as foreign secretary and home secretary as the new Prime Minister reconstructed government.
Now that Britain’s new Prime Minister Boris Johnson has gotten the keys to 10 Downing Street, the former London mayor and pro-Brexit MP has to live up to his promise to lead Britain out of the European Union. Yet Johnson couldn’t be more upbeat. It seems his strategy for getting through the October 31 Brexit deadline is to rely on the power of positive thinking.
When it comes to the UK housing market, a new prime minister and a clean slate can bring a rejuvenated air of confidence but while Boris does have a fairly good track record when it comes to housing, he’s probably not the steady hand on the tiller that many would have liked.
Boris has put his stake in the ground with a number of announcements around the UK housing market but with his plate already rather full, it’s unlikely that any of these will ever come to fruition.
The only reassuring thing is, that despite the absolute spectacle that Brexit has become, the housing market remains resolute and for those with concerns over our new prime minister, you might even go as far to say that it’s Bojo proof.
Mortgage rates will continue to be favorable for those looking to buy, transactions are fairly steady considering, and property values are far from tumbling, so we should see the market strengthen as the year goes on.
Although political uncertainty remains a factor, we question whether we will be leaving in October and whether we do or not, it continues to move further to the back of the minds of UK home sellers and buyers.
