Just days away from the next government and potentially a new Prime Minister, it’s no surprise that the print and broadcast media are full of election news. Claims and counter-claims are being made by would-be MPs trying to win our vote, and it can all get a little confusing. For those looking to buy or sell a home, the likely impact of a new government on the housing market is particularly important.
Risk to Recovery
The property market has been showing signs of recovery, though one property investor has warned over the future stalling. A spokesperson for London Central Portfolio suggests that if a majority Labour government were to take power, the shoots of recovery could be stifled.
With any other outcome, including a hung parliament, the LCP spokesperson could anticipate the ‘bounce’ that has been on the cards for some time.
The Tory party has pledged an increase in Stamp Duty for buyers from overseas, and Labour’s manifesto plans outline a proposal to bring in a levy on overseas firms buying UK housing.
Labour has also said they will raise income tax for those with earnings above £80,000 per year, which might also impact the market.
LCP has based its warning about the impact of a Labour government on data from the Land Registry, which shows that average prices had risen 1.5% over the year, and sales were up 1.0% month on month and 0.5% on the year.
There has been a lot of uncertainty over the last three years over the possible impact of Brexit, and of course that too depends largely on how the election results go in mid-December. Consumers will be looking out for some sort of stability for the economy before confidence returns to the market.
Once consumers start to see the impact on prices, they will start the ball rolling with the rest of the process.
For more information on what is involved in the home buyer’s report, see the information from Which. When it comes to getting a home buyers survey Nottingham, speak to a local expert like https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Nottingham.
Naturally, there are discrepancies and regional variations in all elements of the house-buying process. Both the leading political parties maintain their plans pose the best options for the economy.