Donald Trump was sworn in as the 45th President of the United States on 20 January 2017. Ten days on, we take a look at what the future holds for the UK housing market now that Trump is officially in office.
As the news that property mogul and reality television star Donald J Trump had won the US Presidential election broke, many US citizens threatened to up and leave. Tourism websites across the world crashed as Americans looked for a one-way ticket out of there.
Although most residents have since chosen to remain in America, with the pound currently struggling against leading foreign exchange crosses internationally, by relocating to the UK, foreigners could expect to get more bang for their buck.
Nick Davies, head of residential development at Stirling Ackroyd said:
“The recent fall in the value of the pound against the dollar means there are great deals available in the London market for buyers from across the Atlantic. While the capital’s house prices have risen year-on-year for domestic buyers, those using the dollar will find homes in London are almost 10% cheaper than a year ago.”
Theresa May met with the US president last week and as part of their talks over an early trade deal, she was also looking to discuss how to boost US-UK migration. By making US migration easier, foreign investment has never looked so appealing.
The Donald however has promised to reduce the national tax burden for US citizens and pledged to create 25 million new jobs over the next decade. He has said he wants to boost growth to 3.5 per cent and increase spending on transportation and infrastructure.
If he does deliver on these promises, an economically strong US could be good news for the UK.
Economic strength would boost consumer confidence which could lead to the property market speeding up. An unsuspected upturn (such as Trump staying true to his promises) could be just the ticket.
Whilst Trump may not be what many people want right now, he might just be what we need.