THE RESULTS of the General Election 2017 are likely to cause high levels of uncertainty in the UK house market, and experts are urging that the government quickly resolves the issues to prevent a slump in the market.
Could the result affect Britons in buying a house?
The housing market thrives on certainty, according to experts in the industry.
This means the current hung parliament caused by the General Election 2017 results could cause negative “ramifications” for the country’s housing market if it is not quickly resolved.
Philip Woolner, Joint Managing Partner at Cheffins, warned: “The fact that the UK is about to enter a situation with a hung parliament is bound to have ramifications for the property market.
“He claimed that Labour and Conservative policies on housing could both benefit the market, but that an un-creating hung parliament situation may mean they can’t deliver – causing more issues for those struggling to get on the property ladder.”
UK property market experts warn of ‘ramifications’ of General Election 2017 results
He explained that both the Conservative and Labour parties are planning on bringing in measures to increase housing delivery.
“This ought to help address our affordability issues and chronic shortage of stock within the UK.”
“Too many of our population are faced with the issue of never being able to afford their own home, and should politicians deliver on their promises, hopefully this level of development ought to help tackle this increasing problem.”
Other experts seemed to agree, urging that stability is established soon if the UK property market is going to prosper.
“The property market thrives on confidence and it’s important the uncertainty of a hung parliament is quickly resolved and a clear strategy is set out to tackle housing shortfalls, particularly in London,” John East, Director of KFH Land and New Homes, said.
UK property market: Hung parliament could be negative for the country’s housing market
They claim, “all corners of the economy” need confidence before the housing market can flourish in the new political climate.
Robert McLaughlin, Sales Director at KFH, said: “Motivated buyers and sellers have not been put off by the politicking of the last two years and we expect that to continue now the election is out the way.”
The rental market will also neat be addressed – with balance – to benefit both landlords and tenants.
Carol Pawsey, Lettings Director at KFH, said: “The spotlight is firmly on the rental sector as a key component in shoring up housing supply.
Jeremy Corbyn: Experts claim both the Conservative and Labour parties could increase housing
“The new government, however it is compiled, needs to ensure we have a balanced private rental sector that attracts investors and landlords to the market while looking after the long-term interests of the increasing number of tenants looking for quality long-term rental homes.”
Experts recently told Britons not to panic about the results of the General Election.
And while many homeowners, sellers, and buyers might be nervous about the outcome the General Election will have, Director of Legal & General Mortgage Club, Jeremy Duncombe, says there’s nothing to worry about.
Apparently, the mortgage market has remained very resilient during many UK-based and global challenges over the last few years.
Rob’s comments. Let the dust settle first. There have been three un-certain moments in recent government and people continue to move. I don’t think another un-certainly is going to cause any disruption on a person’s desire to move.