Election 2018 - where does this leave the housing market?

What an own goal by the conservative party!    Rather than getting a mandate to lead the country into Brexit negotiations, the conservative party seem to have forgotten the issues that affect real people.  And agree with him or not, Jeremy Corbyn has managed to strike a chord with those voters fed up with austerity and campaigned on the issues facing the day to day lives of the British people.

So, we now have a hung parliament in effectively a two-party state.   So, what does this mean for the housing market?

Whilst the initial result and the swell in labour support throughout the last weeks was an initial shock, this will make the government listen to the needs of the public.  And high on their lists of priorities amongst public services and pay freezes was the lack of affordable housing and poor rights for tenants, both of which were high up Labours manifesto pledges.

So, I suspect most conservative MP’s realise that while they have a mandate, it is a very slim majority and they will be reluctant to cause waves.    I think the general consensus continues to believe that Theresa May and her team may be the best person to conduct a reasonable deal for Brexit, but at the same time, the labour resurgence will be holding the government to account on investment in our schools, public services and housing sector.    Both parties interestingly securing over 40% of the popular vote, which in previous elections would have been deemed a considerable victory.   Most of us in fact agree with higher taxes for the better off to ensure we get decent public services.   My passion is in schools where I am involved in some work to assist in careers advice and development. 

My predictions for the next parliament?

One racing certainty, will also be the banning of tenant fee’s which was already underway before the election was called.   Both parties will agree on the rights of EU citizens already working here.  It almost goes without saying that both parties will want to see an increase in house building and the provision for social housing.   Lastly, I would also suspect a softening of the policy of disability benefits towards housing costs. 

And on House prices rises?   Well, if the government relaxes on austerity, we will all feel a little better in our pockets.  We have seen house price growth slowdown of late.  I still think we have a lack of affordable housing and the economy is strong.   My prediction is we will see smaller growth than we have done in recent years.   We have a strong number of buyers looking to invest and as property is still out performing other investments now, we don’t see this trend changing anytime soon.

In a nutshell? I see a calm market for the next two years.   Strong economy plus most people having a more cautious approach means we may see some stability rather than the boom and bust of previous years!

Tags: election, housing market, Buyers, sellers, estate agent
Category: Election 2018 - where does this leave the housing market?
Paul McGuirk - 15/06/17
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