A return to confidence: election results reduces uncertainty in the UK housing market
The 2015 General Election has been probably the most exciting and uncertain election of this generation. Up until the exit polls it was too close to call.
I was still convinced we would have a week of behind the scenes coalition negotiations, with neither major party having formed a majority. However, the exit polls suggested that the Conservative party had done better than expected. This was largely at the expense of its former coalition partner - the Liberal Democrat party. Despite disbelief and denial from Paddy Ashdown, among others, the exit polls have again proved correct.
With more than 326 seats, the Conservative party have announced it will form the next Government. Given the uncertainty in the run up to the election, we are pleased to have the result so quickly, thereby avoiding any additional ambiguity.
Will the result be good for the housing market?
Well, the Conservatives acknowledged the importance of house building in its 2015 manifesto. The Help to Buy scheme has had a significant positive impact as it has boosted transactions throughout the regions, and we are pleased that this will continue. However, there is more to do and we look forward to working towards a coherent housing strategy which aims to directly address the ongoing supply and demand imbalance across the UK.
But the most positive note has to be the removal of the spectre of Mansion Tax, which should help to increase activity across the top-end of the market.
We look forward to ongoing improvement and activity in the housing market, as the new government start to carry out their manifesto pledges.