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Boris win to boost UK housing market

Christina Hoghton
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Christina Hoghton

The Conservative Party’s decisive victory in the General Election sent financial markets soaring, but what does it mean for the property market?

Property experts have welcomed the General Election result, saying that the certainty provided by a majority Government committed to Brexit will boost the stagnated housing market.

Buyers and sellers have been holding off purchasing homes or putting their property on the market until they knew the election outcome, as we reported in Surveyors report a nation of buyers and sellers ‘holding back’.

Now there are hopes of a New Year boom in transactions following a subdued 2019.

David Westgate, chief executive at Andrews Property Group, said: “The property market will be one of the main beneficiaries of Friday’s decisive General Election result.

“Such a conclusive victory for Boris Johnson has the potential to turbocharge the property market and get it out of its current rut.

“For three years the property market has been gripped by political uncertainty and deadlock but now it can finally move on. There’s every chance we are now at the beginning of a market cycle that may not peak until 2027 or beyond, with growth of around 4% a year.

Jonathan Samuels, CEO of the property lender, Octane Capital, agreed: “The UK property market got the result it wanted. After three years of stagnation, the extent of the Conservative victory could see transaction levels really pick up in 2020.

“The property market will enter 2020 with a spring in its step but all eyes will be on how the economy holds up as we exit the EU.”