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On Wednesday, Chancellor Rishi Sunak announced that a general election will be held on Thursday 4 July 2024. Parliament will be dissolved next Thursday, May 30th.
As you can imagine, this announcement has sparked speculation from various quarters about how the upcoming election will impact the real estate market.
according to Nathan Emerson, CEO of PropertyMarkHousing “This is “the cornerstone of every community across the UK” and “the foundation of a strong economy”, so it must be a key theme that all political parties put front and centre of their general election campaign.
“Many successive governments have failed to keep up with demand, and we would encourage potential policymakers in all capacities to address current issues and refocus on meeting future demand,” Emmerson added.
“We need a mix of housing solutions that are sustainable for both buyers and renters, and we need to work hard to ensure the UK leads the way on innovation, quality and environmental sustainability.
“Furthermore, the new administration needs to ensure comprehensive support is in place to ensure first-time homebuyers do not lose out on their homeownership prospects, but at the same time ensure the housing market is balanced for all. With the population only set to continue to grow, an all-out effort to ensure wider infrastructure planning is also crucial.”
meanwhile, Oli Sharrock, Managing Director of Insurance at Goodroadbelieves the Tenants (Reform) Bill is currently in “big doubts” with an election scheduled for July 4.
“This is going to be hugely frustrating for the whole industry who want clarity,” he said. “If this Bill is not forced through as part of the review, we are back to square one. The best we can hope for is that the next Government, whoever is leading it, puts housing and the PRS at the heart of their agenda.”
Stuart Forsdyke, Founding Partner, PCS Legalraised the prospect of lowering stamp duty and promoting reforms.
He said: “The upcoming general election will undoubtedly propel the housing market, and hopefully the conveyancing process, to the forefront of the political agenda. Many will be hoping that this will lead to a cut in stamp duty, easing some of the financial burden of moving and encouraging more market activity.”
“However, the issues facing the housing market go beyond stamp duty. Currently the whole moving process is highly fragmented and stressful, which acts as a major deterrent to potential movers. The complexity and inefficiencies of the property conveyancing process alone are contributing to this stress and need to be reformed.”
“An overhaul of the relocation process to make it more fluid and simple should be a priority on all party agendas. High costs and red tape are major barriers to movement in the housing market. Addressing these issues by simplifying the process and increasing transparency could lead to increased activity and satisfaction for both homeowners and buyers, ultimately benefiting the wider economy.”
Robin Rasoul, CEO of Bamboo Auctionsis simply hoping that the election news will bring some certainty to the real estate market.
He said: “The Prime Minister’s announcement of a summer general election is welcome. The news comes as inflation is moving closer to the Bank of England’s target and interest rates are likely to fall soon. It will come as a welcome relief to buyers, sellers and real estate agents who have been waiting for the green light after experiencing a fragile market in recent months.
“The next six weeks will be a bit tougher for new sellers entering the market, but buyers may be able to take advantage of the quiet market and flex their purchasing power during this short window of opportunity.
“We expect the property market to become more active in the second half of this year, with an increase in the number of transactions and a more active return to the market from buyers.”
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