Survive Brexit with property management software.
All change in the UK politics, will the property industry boom or bust?
In the space of a couple of weeks everything has changed for the UK. The EU Referendum kicked it off as a slight majority of the British public voted the leave, since then many high-profile leaders have left too. We now have a new leader, Teresa May trying to rebuild a country divided but that surprisingly hasn’t forced the Bank of England to cut interest rates.
With another recession predicted and the GBP falling, the property market is expected to be hit hard but will it be the residential or commercial sector who is damaged?
Things are moving faster
When David Cameron initially announced his resignation as Prime Minister following the EU Referendum result he stated that he would remain in the job until October. Every day since we have seen reshuffles throughout the political landscape. The Conservatives began the search for their next leader but no vote was needed as almost everybody except for Theresa May dropped out.
The uncertainty of having to wait until October saw confidence in the UK weaken so instead of waiting and wondering Cameron announced he would step-down and a week later the removal van parked up outside number 10 so that Theresa May could get her furniture in.
It isn’t just Cameron looking for a new job, the Labour party are dropping like flies and UKIP’s Nigel Farage stepped down for the second time. The Houses of Parliament is looking more unstable than Top Gear and the FA.
Unstable governments, confusion in the future can lead to an economy in turmoil.
2016 in Property
It has already been a turbulent year for the industry and these changes have only added to challenges that landlords have had to face. The introduction of the Right to Rent legislation, Right to Buy and changes to Stamp Duty have affected plans of landlords. If the market crashes, who will survive?
Demand is set to increase
Many Brexit voters chose to leave the EU to cut down on immigration but the impact could be slow. We live on a small island with an ever-increasing population who need places to live. With demand exceeding supply and many people choosing to rent over buy as confidence in the economy is low it can only be a positive for landlords.
Time to Invest?
Property prices are expected to drop for the short-term which could make this the perfect opportunity to grow your portfolio.
Whether you voted in or out it is important that you have a system in place to manage your portfolio as economically as possible to ensure that you survive the changes.
Book an online demonstration to see how property management software can take your portfolio through the next few years.