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Property pundits are rejoicing as the summer general election approaches, as the state of the property market is likely to become clearer to the industry sooner than expected.
As it stands, Labour holds a 20-point lead in the polls despite leader Keir Starmer’s limited popularity, and the Conservatives would need to make a major comeback just to secure the votes they need to secure a hanging parliament.
“The announcement of a general election in just over six weeks should come as welcome news to everyone in the real estate industry,” said Rutu Buddev, founder of development firm Amara Property.
“The clarity provided by the final outcome will remove the uncertainty that has lingered ahead of yesterday’s confirmation.”
“Coupled with continued declines in inflation and, hopefully, lower interest rates, this may be the tonic the property market needs to restore confidence to buyers.”
“Domestically, high borrowing costs are restricting buyers, while internationally investors are spooked by the political instability that has gripped the country in recent years. This is a positive step towards a brighter future. is.”
Scott Joseph, director of estate agency Anderson Rose, is hoping for a Labor victory to reinvigorate business.
He thinks the real estate market is likely to pick up steam after the July 4 election.
“The six weeks leading up to voting will not have a major impact on sentiment or behavior,” he said. “In fact, people who have been undecided may start preparing to take action in September.” said.
“Labour is currently leading in the opinion polls and a Keir Starmer government may actually have a positive impact on the economy because it will boost business and show Labor is the party for business. I imagine many immediate policies will be implemented.
“The worst outcome would be a dysfunctional parliament, which would just put us in an even more precarious position while the various parties maneuver and posturing to form a coalition government.
“The next six weeks are likely to be focused on completing transactions that have already been concluded, but from July 5th we expect to see more people starting to prepare for the sale of their home or stepping up their property search in hopes of finding a brighter spot.”
Edward Heaton, founder of purchasing agency Heaton & Partners, compared Mr Starmer’s Labor Party positively to that of former leader Jeremy Corbyn.
“This sporadic election means that whoever wins has a chance of having a half-decent fall market,” he said.
“It will be very interesting to see if buyers buy in the coming months, but I suspect some buyers will be rewarded with better terms than expected.
“Certainly for wealthy buyers, there is no greater threat than the threat posed by the Corbyn government that we witnessed in the last election.
“I think the domestic audience is probably resigned to paying higher taxes regardless of the election outcome.
“We expect many international buyers to take a more cautious approach until there is more clarity on the situation.”
Simon McWhirter, deputy chief executive of the UK Green Building Council, called on the government to focus on energy efficiency at the next election.
He said: “Environmental, natural and cost-of-living crises are linked. This is the most important election in a generation.
“Our buildings will solve many of these pressing challenges while providing homes, offices and public buildings that are warmer, more comfortable, cheaper to run, and lighter on the planet. It is a node.
“This is a ‘built environment election’ and UKGBC, together with our members, have a number of solutions to ensure the new government delivers on policy at pace and scale.”