Mortgage News
Estate agents report surge of overseas interest after Tory win
Estate agents specialising in prime property reported a surge of interest from overseas investors on Friday morning following early signs of a Conservative election win.
The FT reported that phones had begun to ring early in the morning from overseas property investors who had been holding back for fear of a Mansion Tax if Labour came to power.
Labour’s proposed tax would have seen owners of properties worth over £2m pay an annual charge.
Speaking to the FT, Ed Mead director of Douglas & Gordon estate agents, said the removal of a Mansion Tax threat meant the price of expensive homes could rebound by 20% in the next 12 months.
Mead predicted a surge in house price values over the next five years now that overseas investors had renewed confidence in the UK housing market.
The Conservatives secured a surprise majority in yesterday’s general election with housing minister Brandon Lewis retaining his seat in Great Yarmouth by a majority of 43%, outstripping the Labour and UK Independence Party (UKIP) vote.
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