The Conservative victory in the election by a small majority is good news for the housing market. Uncertainty is bad news for housing with people reluctant to make such a momentous decision as buying or selling a property if they are concerned about potential upheaval.
We have had clients get in touch today ready to make a move, who had been holding back while they waited on the election result. This is particularly true at the upper end of the market, where the spectre of a mansion tax if Labour were to be elected had dominated people’s thoughts and decision-making.
It is also good for foreign nationals who will continue to see London and the UK as a safe haven for their money and choose to come here rather than other countries, further boosting our economy with their spending.
It could mean a further uplift in prices in London and the outer areas in particular, although London values have already risen a considerable amount over the past year or so.
With lenders retaining an appetite to lend, and offering some excellent mortgage deals, plus certainty returning to the housing market, now could be a very good time to buy.