The UK is no stranger to an election, certainly over the past few years, so it came to many as no surprise that Theresa May would call a snap election before we start negotiating our way out of the European Union.
However, with so much uncertainty taking place across the UK’s politics, once again the property industry must keep an eye on the impact another election will have on Britain’s housing market.
As ever, Jupix estate agency software has delved into what impact we should expect in the run-up to the June 2017 election.
What do we know already?
Consumers crave certainly, especially when making the single largest purchase they may ever make in buying a house. Therefore, any potential change may disrupt the status quo. This was witnessed all too well in 2016 with three key political changes: stamp-duty, Brexit and the US election.
The UK’s property market flourishes when there’s stability, so it is widely hoped that after June’s election, the UK will have the opportunity to settle with a reliable government as it undertakes its next task of Brexit.
What does the government need to do?
Heads of NAEA and ARLA Propertymark, Mark Hayward and David Cox raised concerns on the impact of the upcoming election, as agents are battling with stock shortage, and as such, urging the next government take a look at a holistic view of the housing market, rather than attempting to tackle individual concerns.
Once elected, many across the industry believe that the government will need to “put housing first”. After years of changes to the property market including tax hikes in the rental market, benefit cuts and growing regulations, tenants are finding it harder to find an affordable home. As such, the government needs to develop a housing market that works for all.
Brexit negations has the potential to disrupt the market until reassurance can be restored, and therefore proposing a deal quickly would help the property market settle.
However, given the UK’s resilience in withstanding a decade of disruption, he housing market has already proven to be robust, and in the hands of the experts, will continue to be.
What are your election predictions? Share your thoughts with us on Twitter @jupix #jupixelection2017.