The coronation of Rishi Sunak as the new Prime Minister has been broadly welcomed by much of the property establishment but there’s a warning that he will not stop house prices falling this year, says one expert.
Jonathan Rolande, representing the Nation al Association of Property Buyers, says: “I think the news that Rishi Sunak is going to be Prime Minister will be widely welcomed by people working across the property sector. As Chancellor, Mr Sunak demonstrated he could navigate the economy through what were some of the biggest challenges this country has ever faced.
“So there will be confidence and a sense of assurance that he has been picked to lead the country.”
However, Rolande warns: “Mr Sunak isn’t a magician. He can’t wave a magic wand and sort out all the problems which exist in the economy, and he certainly can’t ensure house prices won’t fall.
“The likelihood is they will fall in many regions over the months ahead. But I believe the economic markets will respond favourably to his appointment and the risk of a dramatic fall in house prices is now far less likely as a result.
“Of the three candidates, Mr Sunak feels like the unity choice. Had Boris Johnson or Penny Mordaunt won the race then it was likely to have created more disunity and more disruption.
“Right now we need stability in our leadership as this will have a knock on impact across other areas of the economy - including the property market.
“I hope Mr Sunak works alongside Jeremy Hunt to now deliver a set of budgetary measures that help take us through what will undoubtedly be a really difficult period. And I hope whoever Mr Sunak appoints as Housing Minister is tasked with tackling the crisis we have in housing supply and coming up with solutions as to how we can fix it.”
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He'll do exactly what he's told like all the other puppets
Might as well vote for Mickey Mouse
I thought he handed out a bit too much during the pandemic, which has massively increased Govt debt. But maybe he will have learned from that. Either way, probably the best option for now. I expect some property prices will drop in some areas, but in many places they are ridiculously high now compared with local incomes.
A few of my regular self employed tradesmen made a killing during lockdown when they got paid about £2000 per month furlough even while demand for them mushroomed because tradesmen working for big companies sat at home on furlough because working was "unsafe".
When mistakes are being recognised and apologised for, I would like to see a claw back of at least 20% of all furlough payments before those of us who got nothing are subjected to higher taxes.
Agree. but if he hadn’t handed all this money and bounce back loans, how do you think could they have bought and build all those houses in Asia for free. Simple liquidate the Companies and we can whistle for to get the billions back not happening. I don’t live in a bubble but in the real world , Oh no one knew that!
I must have been living in a parallel universe for the last 3 years.
Didn't Sunak almost single handedly cause the severe economic crisis currently facing the UK? Didn't he resign as chancellor when he had run up such astronomical debt he couldn't work out how to deal with it?
Didn't Boris say those who could work from home should do so while those who couldn't should continue to go to work (other than hospitality and a few other specific industries)?
Didn't Sunak allow the media to misinterpret the above and control events immediately after the first lockdown announcement? His furlough scheme was expanded to cover millions of people it was surely never intended for and as a consequence has created huge supply side issues and government debt.
Sunak proved repeatedly that he had absolutely no idea how various industries worked. Furloughing driving instructors and examiners while the demand for home deliveries was exploding, running Eat Out on nights that restaurants are usually shut or only have a skeleton staff, furloughing mechanics and construction workers when things needed to be maintained and repaired, furloughing factory production staff causing huge materials shortages.
His refusal to ensure agency, temporary, casual and zero hours workers could afford to be off sick was verging on criminal. £96 a week is not sufficient and thousands of people simply didn't test as they couldn't afford to be off work. How many extra deaths did that policy alone cause?
As a landlord and a zero hours workers in an essential industry I was entitled to absolutely nothing while Sunak was throwing money around with abandon, but I'm certainly going to be paying staggeringly high tax for the foreseeable to pay for his recklessness.
Another graduate of the WEF global leaders program who will be another enthusiastic promoter of the digital currency trap!
Check out UK Column News: Agenda 2030 - Part 1. The lady who presents this video has done her research, it's scary. Part 2 to follow.
I am not too bothered if house prices fall it will reduce c/gains which is tax on inflation, Might be able to pass a bit more property to family members rather than the tax man, bearing in mind they haven’t raised the £325k threshold since 2009.
House prices are ridiculously overpriced in many areas of the country - bring on a house price fall so first time buyers have more of a chance. If you own your own home it makes no difference if house prices go down, either you're looking to sell and buy again in the same market or you'll be staying put. Prices always go up again, look at the 2007 'crash'.
FTBs would have no chance in a falling market. Banks would insist on far bigger deposits. Back in 2008 anything less than a 40% deposit was extremely difficult.
Negative equity doesn't matter if you're not planning to move but is a real problem if you do need to move as you would need to have enough money to clear the mortgage shortfall, pay the estate agent, solicitor and SDLT and have a sizeable deposit for a new house.
We fairly recently paid off the ww2 National debt so the bankers who really control everything had to think up another way of bleeding us dry
See the last 2 years … and the next 10…
Watch GB news, mark steyn has exposed Sunak and Hunt the chancellor (who appears to be a chicom).
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