The UK has been left with a hung parliament after the Conservative Party lost it’s majority in the 8th June General Election. Following talks with the Democratic Unionist Party (DUP), it is likely the Conservatives will form a coalition government, or, failing this, rule as a minority government.
Here is an overview of how the fallout from last week’s election could impact the property market.
A hung parliament creates a period of uncertainty for the UK. This is on top of the initial uncertainty caused by Brexit and the calling of the General Election earlier this year.
A new housing minister
Housing Minister, Gavin Barwell was one of the casualties of the General Election, losing his Croydon Central seat to Labour.
The need to appoint a new Housing Minister creates some uncertainty over how soon measures outlined in the Housing White Paper, which was published in February, will be put into action. Housing was a primary focus in each party manifesto, so regardless of the new appointment you can be certain this will remain in the spotlight over the coming months.
Louder voice for first-time buyers
The increased turn-out of young voters is likely to impact the government’s approach to first-time buyers. The need to win support from the young community could mean more help for the youth in the property sector.
Regardless of the outcome of the election, the housing market will be impacted. We will have to wait until the dust has settled however before any proper conclusions can be reached.
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