What does a Conservative win mean for the Prime Central London (PCL) property market?
The PCL property market is breathing a huge sigh of relief today after the British electorate voted in a Conservative led government. Labour’s threat of a mansion tax and an additional taxation on international buyers has been hanging precariously over the property market for the first half of this year and in one night the doubt has been wiped out, meaning investor confidence will return and the property floodgates will once again open.
Having had clients pull out of property purchases due to the uncertainty in the market prior to the Election, we expect to see ‘business as usual’ on Monday with confidence returning in the form of new instructions for both Sales and Lettings and the green light given to development projects. We have shown England is still a good place to invest in bricks and mortar and the market will remain stable. In fact we would not be surprised if we saw a price growth in Central London property up to 6% by the end of the year. The property market was the making of Ed Miliband and it seems that under David Cameron there is an exciting year ahead.