A new Prime Minister - and will that be followed by an interest rate cut?
The news that Theresa May will be installed as Prime Minister tomorrow has immediately stabilished the share prices of estate agents and other property companies - and prompted speculation of an interest rate cut later this week.
Despite limited direct experience of housing policy, May’s campaign has had housing minister Brandon Lewis at its forefront. Yesterday morning, two hours before it became clear that May would become premier, she made a speech citing her enthusiasm for “local aspirations and quality design” when it came to winning planning consent for new homes.
It appears likely that May’s Cabinet members will be announced before the end of this week and junior ministers - which traditionally includes the housing post - will be made known over the weekend.
As soon as it became clear May would be premier, share prices improved after over two weeks of volatility since the EU referendum.