Prime Resi | 23 July 2019

Prime Resi Industry Reactions: Boris Johnson declared as the UK’s new leader

The Conservative Party has elected the controversial Brexit-loving former Mayor of London, Boris, as its new leader; he will take over as Prime Minister from Theresa May on Wednesday

I would not be surprised to see a surge in prime properties being secured by buyers with a delayed completion for September

David Johnson, Managing Director of INHOUS

“We have already seen the impact of this off the back of Boris Johnson’s initial statement on slashing stamp duty rates. When he came out with this statement, a number of the luxury properties that we had been monitoring for our clients received some strong offers submitted to purchase them. And on some occasions, we noticed multiple buyers bidding for the same properties — some of these properties being on the market for well over 12 months. These buyers are clearly trying to secure properties now off the back of Boris Johnson”s indication of slashing Stamp Duty levels.

“Now that Boris Johnson has been formally announced as the next Prime Minister, I would not be surprised to see a surge in prime properties being secured by buyers with a delayed completion for September — in the hope of the lower stamp duty rates coming into effect by then.”

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