Deciding when to buy or sell property is tricky as it depends on a number of factors, with at least some of these usually related to personal circumstances. But add a general election into the equation, and a snap one at that, and you may be left wondering what impact the election might have on the property market.
Generally, the property market slows down prior to a general election as a result of some uncertainty. However, the election set for 8th June has been called at very short notice, and the last election was only 2 years ago. Therefore, the usual pre-election jitters will most likely be avoided, and the housing market is expected to remain fairly stable.
Despite anticipation of a property market crash following the British vote to leave the EU, this did not materialise. There was a short-term impact on property prices, but the market recovered very quickly. This is a market that has grown resilient to outside factors such as politics and economics. We saw this attitude before and after the EU referendum and in the run up to the last general election.
Housing has been a key issue in recent elections, and is likely to feature again this time round. Each of the political parties have their own policies regarding the housing market, so depending on the winning party, we will potentially see changes in the longer term. In terms of the rental market and the policies of the two main contenders, if Labour comes to power, we can expect tighter regulations. The Conservative Party is focused, instead, on targeting individual landlords whose property does not come up to standards.
To sum up, whilst those in the property chain might act more cautiously, it is widely expected that the upcoming election should not have too much of an impact on the housing market.
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