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What effect will a General Election have on the housing market?

Wednesday 19 April 2017

On Tuesday 18 April, the Prime Minister took to the rostrum outside 10 Downing Street to announce her plan to call for a general election.

In a shock announcement, Prime Minister Theresa May called for a snap General Election to take place later this year. Whilst the country has rolled their eyes at yet another parliamentary election, the property sector has been left wondering - what effect will this have on the already failing housing market?

For those who are currently in the midst of selling their homes or are currently looking to buy, this means one thing: uncertainty.

Since the EU Referendum last summer, whilst the housing market has largely recovered from initial negative reactions, ambiguity still remains. 

Past trends show a clear correlation between general elections and the level of trade in the property market, with activity generally dipping pre-election. The unusually short timescale between the announcement and the ballot date however, could result in less of an impact on housing transactions.

All parties will now have to set out clear policy proposals for construction, infrastructure, land and property to convince the voting public that they are able to deliver the homes and major building projects the country needs to survive

Mark Hayward, Chief Executive, NAEA Propertymark and David Cox, Chief Executive, ARLA Propertymark said:

"All political parties need to put housing front and centre in their Election manifestos. The country is rapidly moving towards crisis point, where a chronic shortage of housing has become unsustainable. Rather than trying to look at individual issues, it’s time to take a holistic view of housing policy.

"We’re still waiting to find out the impact the General Election will have on the tenant fees consultation but as its already been launched, we expect the consultation to continue despite Purdah. However, we are seeking clarification from DCLG on this point and whether or not the workshops will take place."