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Election 2017: How will the property market respond?

Election 2017: How will the property market respond to a hung Parliament?

| Overview

The shock result in the UK general election, which produced a hung Parliament, meaning no political party has a majority, has left many people feeling uncertain about the economic future of the UK.

Without a majority, none of the parties can implement their policies without the support of others in the House of Commons.

For some landlords who were concerned about the possible impact of some of the housing policies in the election manifestos, this might be a relief, but for others, the uncertainty of a hung Parliament could damage confidence in the market.

The housing market was already slowing without the shock of the election outcome, with the number of new mortgages being approved a fraction of the long term average, and the result will likely see this trend continue.

House prices and rents are also likely to continue their recent downward trend, with estate agents reporting the largest fall in listings since the Brexit vote during the election campaign.

Russell Quirk, founder and CEO of online estate agency eMoov.co.uk, said; “As we awake today to the opposite of a strong and stable administration but to a rather unexpected hung Parliament, I fear that the property market’s post-election return to normality that I’d hoped for may be rather further away still.

“Political instability breeds procrastination on the part of homebuyers and sellers and, for over a year now, we have seen the effects of that on volumes, if not so much prices, as a consequence of the EU vote and then the snap General Election.”

He continued; “I suspect that the housing brief will take a back seat now, despite politicians’ promises in recent weeks, given the combined weight of negotiating Brexit, stabilising our economy, button-holing political support across the aisle on every vote and, inevitably, campaigning again for the next poll.”

Jackson-Stops & Staff chairman, Nick Leeming, agreed with this assessment, saying: “The UK was promised a period of stability but today’s announcement provides anything but at this stage. All markets abhor uncertainty and the housing market is no exception. The priority now must be for politicians to provide reassurance by forming a government as quickly as possible.

“The housing market has already been the recipient of doom and gloom in the news this week and certainty is now required to inject confidence and increase fluidity across all levels.”

Landlords concerned about housing market conditions or the impact of recent policies, such as Section 24 and changes to Stamp Duty, can contact Landlord Debt Advisory online at landlorddebtadvisory.com or by phone on 0161 222 4311.

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