Will the election result kick start the property market?

Back in the Spring of this year, when Theresa May was still Prime Minister, we published an article on our website entitled “Are you bored of Brexit?” which sought to make some sense of the impact the Brexit impasse was having on the residential property market. In many respects, not a lot has happened since then although Theresa May was replaced as leader of her party and as PM by Boris Johnson during the Summer. Dither and delay, as Boris has put it over the past few months, has continued to influence market confidence and recently we have seen a drop off in property activity in our offices in Canterbury. Speaking with other local Solicitors firms and independent estate agents we are clearly not alone. The bitter log jam of a hung Parliament and the prospect of ongoing uncertainty either during Parliament itself or not knowing what a future Parliament would look like if there was to be an election did not help.

Boris called an election. And what a gamble that might be, but with several Tory rebels losing the whip and seemingly no way of getting his oven-ready Brexit deal done (like it or loathe it) he probably had no choice.

After a short election campaign period, as we approached Election Day on 12th December, property commentators started to have their say. Some said that a Conservative majority would present a real boost to the economy and confidence to the property market. Those same commentators said that a Labour majority might not have quite the same impact on property prices but that under a Jeremy Corbyn led Government first time buyers would get more help. Another hung Parliament was not seen as good news at all. Other commentators were less confident as they felt neither of the major parties had a coherent housing strategy for the future.

As we wake up on the day after the election, we find that Boris’ gamble has paid off and the Conservatives have won a huge majority in Parliament. Will this bring an immediate benefit to the housing market in East Kent? The Government’s priority, needless to say, will be to get Brexit done. However, the certainty that a large majority brings, whether or not you are a fan of Tory policy, and knowing the likely direction of travel over the next five years will surely give the property market as much prospect of confidence going forward as any of the alternative results.

Gardner Croft cannot predict the future but we can help you through the process of buying and selling houses or flats to live in or as investments. Our team of experienced lawyers and conveyancers will make the transaction as seamless and pain-free as possible for you without compromising on the expert advice we give. We aim to build a strong relationship with you so that we understand your goals and help you achieve them.