We’ve all been here before, and witnessed the un-kept promises of a formed government between two parties.
As we find ourselves in a similar situation to just seven years’ ago, your Jupix property management software team have explored what a hung parliament means for the property industry this time around.
Then and now…
Back in 2010, the UK found itself in a situation similar to that of which we’re experiencing today. Although in 2010, the Conservative party were celebrating a come-back with 92 seats gained, while the Labour government were commiserating an 86-seat loss.
Then leader of the Conservatives, David Cameron teamed-up with the Liberal Democrats leader Nick Clegg to form a government in the wake of the UK coming out of the recession with a large battle on their hands to recover the economy.
With a strong back-ground in tightening the purse strings, the UK entered into austerity measures under the management of Chancellor George Osbourne.
Now however, things are very different.
Having called for the UK to exit the European Union in 2016, the Conservatives were tasked with leading communications and exit deals, with Theresa May taking the reins.
Having witnessed overwhelming support of the Tories, May called a snap-shot election, throwing the UK into even more uncertainty and now resulting in a loss of the majority and the UK entering into the unknown.
What could the future hold for the housing market?
The first casualty of the UK election was Housing Minister Gavin Barwell who lost his seat in Croydon Central.
But what’s struck the housing market is the sudden future of uncertainly, a situation the industry doesn’t flourish in.
With the damage already being done to the property market due to May’s decision to call a snap election, many home-buyers and sellers decided to stay put until the result of the election.
Many experts within the property industry believe that a stall in the housing market will continue until a leader has been established.
Of course, we can expect to see a ministerial shake-up given the loss of Gavin Barwell, however the property industry have called out for whoever replaces Barwell must reaffirm commitments to the existing house market direction to avoid any ongoing uncertainty.
At the time of release, Theresa May has approached the Queen to ask for permission to continue to lead the government, with the support of the DUP (Democratic Union Party) which does mean the UK will continue to leave the EU, with the belief that no deal is better than a bad deal.
Whilst Corbyn’s Labour Government have logged interest in forming a minority government with their 261 seats. However, even with the support of the SNP, Liberal Democrats, Green Party and Plaid Cymru, they will still reach 313, short of the 326 figure.
The future looks blue
Even though May has lost her majority, the UK will likely remain run by a Conservative government with the support of the DUP. With the promise of business as usual for the housing market, business and exiting the EU.
We will keep you updated of how agents and businesses may be impacted on today’s result, but in the meantime, why not share your predictions of the future, and thoughts of today’s results on Twitter. @Jupix #ElectionPropertyResult.