There are several ways that this policy could badly affect UK property.
The cost of building is likely to go up due to potential disruptions to global supply chains and building material costs might increase, affecting new developments and renovations.
On the upside, economic uncertainty often drives investors towards safe-haven property markets like the UK, in much the same way that assets like gold are bought in times of trouble.
We could see increased international property investment in the UK, especially as we took less of a hit than Europe or most other zones, as it stands.
The property market could be affected PAIt does seem likely that the economy will take a hit and Rachel Reeves’ plans are bound to be blown off course by this, and GDP will be impacted.
The OBR has forecast that UK economic growth would halve from two per cent to one per cent, based on the US imposing 20 per cent tariffs on the rest of the world.
So the UK got off relatively lightly but it remains to be seen how supply chains will be affected by the market uncertainty and higher tariffs elsewhere.
This shock hits at a time when businesses have been hit with NIC increases, so expect less recruitment and sadly, redundancies.
Consumer demand is likely to be dampened as a result as everyone tries to keep a lid on expenses.
Construction will be hit but this will free up the sector to build more homes, though labour, or lack of it, has been a massive problem, little talked about when racing to build 1.5 million homes.
The Bank of England is now faced with a dilemma: maintain interest rates and watch the UK get poorer, or drop them and risk even higher inflation.
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Jonathan Rolande shares his expertise JONATHAN ROLANDEMy guess - and I am often wrong - is that they will reduce faster than they otherwise would have done.
There has to be a note of caution in any case, as It is quite likely that the situation will change quickly as countries negotiate and/or retaliate.
What's crucial now is maintaining perspective. As a wise person said after Brexit: “It probably won't be as good as you hoped, or as bad as you feared.”
Jonathan Rolande is the founder of House Buy Fast, for more free advice and information visit www.jonathanrolande.co.uk
