What will Boris mean for Britain…
Damien Siviter, Group Managing Director, SevenCapital
The clear Conservative victory in the election demonstrated the UK’s desire to move the UK forward. Overnight, as the predicted Conservative majority fast became reality, the pound surged against the dollar to a 19-month high, offering a further boost to the prospects of a Boris Britain.
Should Boris stay true to his plans for Brexit, the 3.5 years of being stuck in a limbo could finally have an outcome, which is a resounding wish amongst both business and the general public.
However, despite the uncertainty of the past few years, the UK has proven its ability to maintain its position as a top Global economic and financial centre and attractive, investable region. With Boris now able to move forward with his plans for Brexit, businesses should hopefully be able to begin to see some clarity over the next few years on how the UK will exit the EU, allowing those markets that have faltered to start to move again.
For the property market, this is good news. The uncertainty over the past few years as we remained in this limbo of ‘are we, aren’t we going to leave’ has had a knock-on effect, hindering some projects which in a normal situation would have gone ahead with little issue and causing hesitation from investors.
This strong victory from the Conservatives should restore some of the confidence within the market across the UK and amongst investors from overseas.
For the housing market, the election results should result in a positive boost to both activity and to prices. As with any market across the UK, the property market reacts to levels of certainty. With one of the strongest majority results in years, this activity looks likely to be very positive.