What will Boris Johnson's election bring to the property market?

As predicted, Boris Johnson has been elected leader of the Conservative Party, and will become the UK’s Prime Minister on 24 July. Johnson has said that he will put forward an Emergency Budget within weeks of moving into 10 Downing Street and has mentioned that he may slash Stamp Duty Land Tax on residential transactions and revers top rate 2015 increases from 7% to 12% on homes above £1.5m, he also supported the idea of switching Stamp Duty tax from buyers to vendors. We think that a move to reverse the 2015 increases in Stamp Duty would be a pretty good news for the market, particularly for the London region. Will be interesting to see if he will also remove the 3 percent surcharge for secondary properties which affects almost all of our overseas buyers. The proposed Stamp Duty exemption for all property sales under £500,000 is intended to boost market activity and would certainly be a significant gain for the first time buyers. However Johnson's most recent idea of switching Stamp Duty so that it is paid by the seller rather than the buyer is more controversial and may encourage sellers to factor this into their asking price. It will make moving easier for upsizers but would in turn cause problems for downsizers and empty nesters, who will be even more reluctant to move to avoid a higher tax to pay to leave their homes.