General Election 2017: Agents divided over what result means for housing market

Changing times: How will the election result affect the housing market?

Changing times: How will the election result affect the housing market? - Credit: Getty Images/iStockphoto

As the dust settles after the snap general election, a leading local agent has called on Downing Street to offer reassurance and allay fears of further uncertainty in the housing market.

Ian Denton, from Jackson-Stops & Staff’s Woburn office, said: “All markets abhor uncertainty and the housing market is no exception. The priority now must be for politicians to provide reassurance by forming a government as quickly as possible.

“Certainty is required to inject confidence and increase fluidity across all levels.”

He added that former housing minister Gavin Barwell losing his seat – and bagging the job of Theresa May’s chief of staff – hasn’t helped.

Ian said: “With Gavin Barwell gone, it will be interesting to see what happens to the long awaited Housing White Paper that disappeared from the scene since its publication in February.

“Regardless of how the government is formed, it is clear from each of the main political parties’ manifestos that housing is a priority and so a clear strategy must be put in place to tackle the problems of supply, high transaction costs and affordability.”

Adrian Gill, Leaders’ chief executive officer, is unconcerned by the confusion caused by the hung parliament however, insisting it’s business as usual for the housing market.

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He said: “While the process of working out exactly how the next government will be formed gets underway, people will naturally still want and need to press on with their property transactions – whether they are buying, selling, renting or letting.

“Both the Conservative and Labour manifestos are committed to supporting people who want – and need – to move home, and to the expansion of new housing. So for those thinking about or currently in the process of selling or buying a home, any short-term uncertainty should not prevent them from making the right longer-term decision for themselves.

He added: “Interest rates are still extremely low and demand for property to both buy and rent drastically outweighs supply. This will continue to keep house prices and rents stable and engender the confidence the market needs to stay robust through turbulent times.”

“The fact remains that, whatever may happen politically – and we’ve certainly seen a number of significant changes to the political landscape over the last few years - the property market is more resilient than most. House prices have always been cyclical but risen over the long-term and this will not change.”