General election to slow down housing market

Ryan Bembridge

April 18, 2017

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Some consumers will put off buying and selling property until after the general election on June 8, Jeremy Leaf, north London estate agent and a former RICS residential chairman said.

However he reckoned there could be a surge in housing activity after the election.

Leaf said: “The period of indecision starts from now until the election and thankfully it is relatively short.

Brokers surprised by snap General Election

“Inevitably, a lot of decision-making will be put on hold, particularly as the polls fluctuate, and that includes the decision to buy and sell property.

“As we saw from the EU Referendum, the polls can be notoriously unreliable, which can only add to nervousness in the market.

“Looking forward, on the positive side if the result is decisive either way that will give the government a greater mandate for its existing policies and is likely to result in a surge in activity in the housing market at least for the honeymoon period afterwards, however long that may last.”

Prime Minister Theresa May (pictured) said she was calling an election in a bid to create stability after triggering Article 50.

John Phillips, Just Mortgages and SpicerHaart group operations directors, said: “The forthcoming election is great news for the country as it gets much of the uncertainty out of the way.

“With a weak opposition Theresa May will undoubtedly win and it means that she can go into the Brexit negotiations knowing that she has the weight of the country behind her.”

Richard Pike, Phoebus Software sales and marketing director, called this a “shrewd political move” by May.

He said: “It is hardly likely that the Conservatives will not win the election and so it will provide her with a clear political mandate to take the country into Brexit negotiations.

“Hopefully this will result in less unease around Brexit in the publics’ eyes which can only be a good thing for our industry.”

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