Politically, the UK has had a turbulent year, which has been reflected somewhat in the property market. Uncertainty over Brexit has contributed considerably to this, as the date the UK is due to depart the EU has been delayed several times since the start of 2019.
Britain then went to the polls on December 12, and the resulting Conservative majority – the biggest since 1987 when Margaret Thatcher was Prime Minister – had an immediate effect on the value of the pound. It soared as soon as the result became clear, only to drop back to its previous level within a week when the threat of a no-deal Brexit reemerged.
The fact that the government remains much the same means that there is likely to be more certainly in all markets, including property, as investors can reasonably expect things not to change as drastically as they might have if there had been a change of leadership. Price Waterhouse Cooper’s Rob Walker told The Telegraph that “any kind of certainty is bound to help”, and the paper believes “Boris’s triumph” is a boost to landlords.
The outlook for landlords is therefore perhaps more positive than pre-election, with the lettings market on course to continue the growth it has seen in recent times. As house prices continued to rise even before the election, the added economic certainty should see this trend continuing.
Prospective landlords, or those who wish to add to their buy-to-let portfolio, are thus in a strong position to invest in early 2020, but sooner rather than later could well be wise.