Political uncertainty tends to slow down the housing market at any time, and as the traditionally busy summer period approaches, activity is almost certain to halt.
Those most affected will be the buyers and sellers about to dip their toes in the market, so chances are that until the uncertainty subsides, they will stay put.
HouseSimple.com CEO Alex Gosling explained that with the slowdown in property growth, the last thing that the market needed was a hung parliament, but this is what has happened. Increased political uncertainty could impact buyer and seller confidence, with buyers refraining from purchasing until the political landscape is less murky.
Mortgage lenders are confident that things will settle down in the UK property market. They state that property transactions currently in process are not likely to be affected by the surprising election results. First-time homebuyers will be enticed by attractive mortgage deals and both buyers and sellers dealing with divorce, death, and displacement will still need to act.
No lasting impact on the property market
Sarah Beeny, TV property expert and owner of Tepilo.com, did not believe that there would be any significant and lasting impact on the property market. She anticipated that people might hold off on any property transactions in the next couple of weeks, but not beyond that.
Russell Quirk, EMoov CEO and founder, said that yet another Housing Minister will need to be seated, as Gavin Barwell lost his seat on Croydon Central. He added that this will be the country’s sixth Housing Minister in as many years.