The news of Trump’s shock victory was finalised just after 8am UK time when Hillary Clinton conceded defeat to Trump when she trailed behind him with 215 electoral votes to his 286.
Jeremy Leaf, North London estate agent and former RICS residential chairman, said confidence in the UK housing markets will be knocked as the fall-out from Brexit has still not been fully understood.
“It looks like we will have fewer transactions, tighter lending criteria, less house building and higher rents – which is exactly the opposite of what we’re looking for at the moment,” said Leaf.
Nigel Green, CEO of deVere Group warned alarm bells would begin to ring in the global Stock Markets as they become “shaken up” by the news of Trump’s victory.
He added: “The markets are reacting this way not only because Trump is perceived to be wanting to stir up the status quo, but also because he has some controversial protectionist policies that could impede sustainable global economic growth.”
With Trump’s shock victory alongside Brexit, the UK market is set to enter a prolonged period of uncertainty. This is not helped by the fact Trump does not assume the role of President until mid-January 2017 with many of his policy plans for the international market still unclear.
Despite the marked concern of Trump’s victory, some commentators have quietly suggested his victory could lead to opportunity.
Lars Kreckel, global equity strategist in Legal & General Investment Management (LGIM)’s Asset Allocation team, said the race to the Whitehouse has been a competition of personalities, rather than policies.
He said despite Trump’s divisive policy suggestions, they still require Senate approval. He said that though the President has the authority to pull funding out of existing trade agreements, Congress would need to approve all federal spending – halting any of Trump’s plans for the international market.
Green added the market will need to wait for the dust to settle on the election as there will be “major financial opportunities for investors” in the wake of the result.