Will the general election have an impact on the UK property market?

April 26, 2017 by Brendan

Property Market

Theresa May, the Prime Minister, recently made a shock announcement that there will be a general election on 8 June 2017. Experts have since been discussing the potential impact on the UK housing market.

Early indications reveal that property commentators believe that although the decision will cause some initial uncertainty, it will possibly provide a long term boost to the property market, and is unlikely to have a negative impact. The online estate agent eMoov.co.uk recently revealed that the general election would not cause the majority of buyers and sellers to change their plans.

Although the decision to hold a general election in June has fuelled the uncertainty which resulted from the UK’s vote to withdraw from the European Union, if a bigger majority is gained by the government, it will result in improved stability for the future. As part of the Prime Minister’s campaign for the election, she is likely to have to set out plans for Brexit, which may calm some of the uncertainty.

According to the survey carried out by eMoov, 18% of sellers said that they would postpone the sale of their home following the announcement of a general election, while 57% said they would go ahead as originally planned. Buyers gave a similar result, with 59% stating that they still wanted to buy a home, and just 18% saying they would halt proceedings.

During difficult times, mortgage advisers have the advice which a buyer or seller requires, due to the knowledge they have gained from a CeMAP training course.