What Does the Election Outcome Mean for Your House Sale?
The shock result of the snap general election held on 8th June was unpredictable and unprecedented – potentially marking a drastic and lasting change in UK politics. Whether you found the outcome exciting or concerning, there is one element of UK life that will undeniably be affected – the property market.
An uncertain political atmosphere commonly results in a slowing of house sales, and now, with the current drop in value of the pound and a currently unstable leadership arrangement, it is predicted that these will slow almost to a stop, as potential buyers and sellers both dig their heels in and await a change that will be sure to see them financially better off.
Both of the major parties in the leadership race vowed, as part of their manifesto, to create millions of new houses during their time in power, and so the market was likely to have regained a little momentum under either. In 2015, the Conservatives made a pledge to build one million new homes by the end of 2020, with a further 500,000 by the end of 2022, and their current manifesto promises to uphold that pledge. However, as a result of a hung parliament and a minority government, motions and policies will now prove rather more difficult for the party to pass.
The previous minister for housing, Gavin Barwell, was one of a surprising number of Conservative Members of Parliament to lose their seats during the election. However, he has now been assigned the position of Chief of Staff within the new proposed minority government – which offers a slim possibility that housing may remain high on the priority list. However, it is more likely that he will be tasked with helping to manage Brexit negotiations for the time being. A so far unnamed MP will be charged with overseeing housing, which – of course – only offers further uncertainty.
One surprising positive that comes from the Conservatives’ potential partners, the DUP, is that though many of their policies and priorities are at odds with progressive UK communities, the party has long held the creation of affordable housing to be one of its priorities.
Of course, demand for homes remains high, so it would be extremely difficult for the housing market to remain completely on hold. A sensible approach for anyone hoping to sell their home in the current climate would be to list their property with an agent specializing in quick sales. This would ensure that it is on the market before any other complications arise from the fallout of the election, and that it would also be poised for a sale in good time should politics eventually reach a period of stability.
A1 Homebuyers are UK-based property experts specialising in selling homes fast for cash. For further information about our services, to get a free valuation and offer for your property, or for more advice about selling your house in the current market, please call 0345 055 8468 today, and the team will be happy to help you.