What the Election Results Mean for Norwich, Norfolk and Investors
So, here we are after yet another seismic week in politics. A week which threw up yet another unexpected result. The Tory 100 seat+ majority never materialised and, in fact, they now find themselves in a weakened position and as yet unable to form a government.
We’re now looking at a long period of uncertainty, and potentially another election to come later in the year. And, in general, instability is not a great state of affairs for investors. According to the Financial Times: ‘Private investors are being warned to brace themselves for volatility as markets reacted to the general election result, which has increased uncertainty over Brexit negotiations and thrown party manifesto pledges into question.’
But is this the same across all areas of investment and will property be affected in the same way? Again, according to the FT: ‘Housing market experts said they anticipated the recent low level of transactions to persist as questions rumble on over the future leadership and tenor of the government as well as the outlook for the economy, discouraging buyers and sellers from moving.’
And it’s not just the election that is causing uncertainty. The whole Brexit process which will dominate the next two, five or even ten years has also been thrown into confusion. It’s also true that the housing minister Gavin Barwell lost his seat in the election and so a new minster is set to take over.
However, experts are also predicting that a slow down in the market could reduce house price falls. And, an emphasis on helping young people to get on the housing ladder (a group who were instrumental in the shock result) will help to boost the future market in the Norfolk region and across the country.
The bottom line with property investment is always the same. Even in these times of great uncertainty and instability (which is what they are despite Mrs May’s claims to the contrary) investing in property in the right way is always a good idea. If the market does shrink and prices fall, if you are in the right position, this could be a great time to grow or start your portfolio.
If you’d like to find out more about how the current political condition is affecting the market in the Norwich area, then get in touch with Agile. No one is better placed to assess the market than we are.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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