As well as the impact on the financial markets, Brexit has brought about a lot of political instability. David Cameron’s resignation left the opportunity to become Prime Minister open to other members of his party, leaving EU negotiations on the back burner while potential leaders alternately campaigned and withdrew.
Ultimately, all other Conservative leadership candidates having withdrawn, there was no contest over who was to become the next Prime Minister. Rather than prolong the uncertainty and instability any longer, Theresa May took the reins on Wednesday, and will take the country forward through Brexit and beyond.
Both Theresa May and Philip Hammond, the new Chancellor of the Exchequer, are known for their steadiness, and the absence of either drama or controversy around their policies. Both have long-established political careers – very necessary for today’s UK leaders. Theresa May is only too aware of the job she faces, and the responsibility of leading a divided nation through a very difficult period. To keep it on an even keel, she won’t be holding a General Election early, as predicted, but has stated that she will be waiting until the originally-proposed date of 2020.
It’s very early days, with the new Prime Minister in post for less than a week, but she has already spoken of the need to address the housing deficit. Developers and the construction industry will be eagerly listening for opportunities to build more homes, just as the British public will be eagerly anticipating moving into them!
In the meantime, the pound remains low, allowing London’s property market to offer bargain prices to overseas investors, keeping the market buoyant and sales moving swiftly. Our properties can be seen here and if you have any questions, click here to contact our team.