How the General Election result will affect house prices, according to experts

As you head to the polling station this morning, you’ll probably be wondering not just what this General Election will mean for Brexit, but what will happen to house prices after Election Day.

Related: Brexit house prices – what do experts think will happen to the housing market in 2019?

That’s whether you already own a home or are looking to get on the property ladder. For us property-obsessed Brits, house prices are never far from our minds.

Experts have weighed in on what each most likely outcome of the upcoming election could mean for the UK property market.

What will happen to house prices after the General Election

Conservative win

Michael Stone, founder and CEO of new homes specialist Stone Real Estates claims that we could see an immediate increase in house prices if the Conservatives were to get a majority.

Image credit: David Parmiter

‘We can expect a market bounce from the get-go in 2020, not only where housing supply is concerned, but with a notable increase in buyer demand levels as well,’ Michael Stone explains.

Labour win

If the election sees Jeremy Corbyn become Prime Minister, Michael Stone believes we could see a continuation of the current property-market freeze. However, he also says that we can expect to see an increase in house prices, though not as dramatic.

Image credit: David Parmiter

‘Supply will continue to outstrip demand and prices will continue to increase, albeit the market freeze we are currently seeing might take longer to shake off,’ Michael Stone says.

However, a Labour win could mean good news for first-time buyers if they follow through with their ‘Right to Buy’ for the private rented sector. ‘It appears to be great news for hopeful first-time buyers who have a good-sized deposit,’ reports estate agent Portico on their website.

The scheme would allow private tenants to buy the homes that they live in from their landlords at a discounted price.

Hung parliament

This could be the worst possible outcome for the UK property market according to Michael Stone.

‘A hung parliament is possibly the worst outcome where the UK property market is concerned and would plunge us back into a political Groundhog Day of uncertainty and Brexit delays,’ says Michael.

Image credit: David Parmiter

The result won’t change a thing

However, some experts aren’t convinced that the General Election will have any significant impact on the UK property market.

Image credit: David Parmiter

‘We believe long-term house prices will hold up regardless of who wins the election, whilst the structural shortage of affordable properties remains,’ says Sam Mitchell, CEO of online estate agent Housesimple.

‘Given the revolving door of housing ministers and a lack of strategic vision on housing, we remain cynical about any of the parties abilities to really fix the housing crisis,’ he adds.

Related: How much will your house be worth in five years? Savills reveals house price forecast

It seems all we can do it wait until Friday morning to find out what will happen to house prices after Election Day.

The post How the General Election result will affect house prices, according to experts appeared first on Ideal Home.

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