Post-Election property market…

May 20th 2015
By: Melanie Hollidge
Post-Election property market…

It’s been a choppy few weeks for the UK economy in the build up to the elections, especially when data polls kept showing a practical draw between the Conservatives and Labour, an outcome that might have led to a hung parliament. However, for whatever reasons, and there has been much speculation, the Conservatives have managed to win a majority role.
Many housing industry experts are stating that the Conservative majority in the general election has saved the housing market.  This is because Labour had planned to introduce three-year tenancy agreements with rent rises capped at inflation, a policy already adopted in France, where tenants have far more rights than landlords. Labour was also planning to scrap stamp duty for first-time buyers acquiring homes less than £300,000, which critics have said would have boosted demand but would not have had any impact on the bigger issue which is the lack of supply.
The Conservative party on the other hand stated that they will expand the Right to Buy to 1.3 million housing association tenants as well as introducing a Help to Buy Isa to help first time buyers save up for a deposit. They have also said that they will build 200,000 first time homes for buyers under 40 years with a 20% discount as well as create £1 billion brown field regeneration, to create another 400,000 new builds.
Moneyquest director Rob Clifford says: “We are pleased there is a level of continuity between the last government and the next, which we think is crucial for the markets we operate in.”