By Steve Moir, chairman of the Experts in Property
While the result of the General Election wasn’t as anyone expected, it could have unintended positive outcomes for the housing market. A Government with a large majority and no effective opposition would not have been in the nation’s interest. The result means that greater agreement between parties and less extreme policies are likely to be the order of the day.
Current politics are far from simple, what with the DUP deal to be ironed out and Brexit negotiations under way, among a whole host of other unforeseen issues arising, but the election over and a new Housing Minister appointed – however popular or unpopular Alok Sharma is for the role – an element of political continuity and some clear political leadership should ease some of the pre-election uncertainty in the market, releasing a number of those who adopted a ‘wait and see’ attitude, helping to address the current imbalance between supply and demand.
In my view, the most likely scenario is that interest rates will remain lower for longer, and the current shortage of property on the market will gradually ease – good news for the plentiful number of buyers and increasing amount of first time buyers out there. Mortgage money is becoming easier to obtain with more extensive offers around. All in all, I think most people, particularly the motivated buyers and sellers, will just get on with things – moving home and living life.