How Will the Snap Election Result Affect the Property Market?

June, 2017

When a General Election takes place, there’s a chance that changes could be made to a number of areas. Property is one of them. Different parties have contrasting ideas about housing, each of them with their own short and long term effects. So, with the results of the 2017 General Election confirmed, let’s take a look at how the outcome could affect the property market.

Comparing the policies

In the run up to the election, it became clear that the two main parties each had their own priorities when it came to housing. Labour wanted to set up a Department for Housing, build the council and housing association homes needed and give more rights to private renting tenants. The Conservatives, on the other hand, wanted to continue building new homes, but not for the purpose of social housing.

The reality is that neither set of policies would drastically change the housing market in the short term. Labour’s pledges would aim to fix the social housing crisis, while the Conservatives would simply continue with what they’re already doing. However, as we all know, neither party gained a majority. After what seems like a lifetime of soundbites and debates, the election has left us with a hung parliament.

Are we facing continued uncertainty?

When a country has a hung parliament, the main buzzword is uncertainty. And, yes, the future of the country is uncertain in political terms. We don’t know who will govern, how long any coalitions will last and when the next election will be. But this uncertainty doesn’t necessarily apply across the board.

In terms of specific areas like housing, a hung parliament actually makes most major changes less likely. Whoever enters government will be doing so in a coalition, or with a cross-party agreement. That means the policies they do have could be compromised, or ‘watered down’ to some degree.

Looking further into the future, there could indeed be some more significant changes. There is even talk of another snap election altogether. But for the time being, it’s simply about looking beyond the “uncertainty” headlines and carrying on. Essentially, selling a home now remains as good an idea as it was pre-election.

Estate agents you can trust

Weale & Hitchen is an independent estate agency with over 25 years’ experience selling homes in Bury and the surrounding areas. Our team combine property expertise with unrivalled local market knowledge to give you a service you can rely on – a service which covers all bases. From a free valuation to the final sale, with all the photography, adverts and viewings in between – we’ve got it covered. So, whether it’s a small terraced house or a large detached home, you can trust us to get the best price for your property without the hassle. Get in touch with us today to book your free valuation or just to make an enquiry.

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