As the nation heads to the polls today, speculation is mounting as to how either outcome might potentially impact the UK property market.
Currently, the general consensus is that the progress the sector has made so far this year in terms of 'recovery', is unlikely to be helped or hindered to any significant degree.
Primarily, this is because both the political parties in the running, appear to have largely similar policies, with neither placing any significant emphasis on property reform.
Their focus, instead, seems to be on the private rented sector, although Labour, specifically, has revealed that it will also return the first-time buyer Stamp Duty exemption to £300,000. They have also pledged to build 1.5m homes, as well as developing their own version 'Freedom to Buy' - the Mortgage Guarantee Scheme.
By a similar token, The Conservatives have pledged to reduce capital gains tax for landlords who sell to a tenant.
These are all changes that could certainly help to support market sentiment and sales volumes, but the 10% uplift that the market was predicted to receive this year, is far more likely to come from a base rate cut - something which could happen before the Autumn - rather than from a change of Govenment per se.
On the whole, key economic data already looks ‘encouraging’, and this is in spite of the fact that we are approaching a naturally slower period for the market.
Following May's surprise announcement, the number of properties that were marked as SSTC was 9% higher than the same period in 2023, with supply and demand statistics for this period seeming to be aligned with the last 'normal' pre-pandemic year - 2019.
This would indicate that, contrary to earlier predictions, the property market has avoided being derailed by 'election fever.'
Instead, it seems to be proving remarkably resilient, with the effects of easing affordability constraints only likely to benefit, from renewed certainty in the political landscape.
For more detailed local market insight, please contact Braxton on 01628 674234 or email property@braxtons.co.uk