Election results: what it means for UK property

The results are in and the UK has voted decisively to not only keep the Conservatives in power but to give them a significant majority in the House of Commons.

This is likely to mean an end to the uncertainty around Brexit, with the country looking set to leave the European Union in January 2020. This uncertainty has been one of the major obstacles to growth and stability in the property market in recent years so we are hopeful that we will start to see the market develop in the coming years. 

Leaving political affiliations at the door, the election results mean that we finally have a sense of certainty which will help us to move forward as a nation and leave behind the political rollercoaster of the past few years. The surge in the value of the pound, which jumped to a three-and-a-half high against the euro in the hours that followed the initial election predictions demonstrates that confidence in the UK is already returning. 

Uncertainty and doubt are two of the property market’s biggest nemeses so we will not be sorry to see them go. Political stalemate has made people nervous about engaging in the UK property market, so some consistent market stimulation is just what we need. Having a 5-year administration will hopefully create an untold amount of confidence and bring back the UK public’s aspiration to buy their own homes.

Prior to the election, the Conservative Party stated that: ‘One of the biggest divides in our society is between those who can and cannot afford their own home. The Conservative Party is determined to get Brexit done, so we can get on with levelling up opportunities across England and ensure that we have a thriving property-owning democracy.’ 

A thriving property-owning democracy is surely what everyone wants and here at Harvey Homes, we know that property in the North of England is increasingly sought-after. Areas that can offer traditional lifestyles and nearby amenities have been consistently popular over the past few years and this trend is set to continue. 

Conservative Housing Secretary Robert Jenrick, who re-won his Newark constituency with a resounding 63% of the votes, said before the election: “As Conservatives we know that owning a home is not just about the four walls around you, it’s about investing in your family, saving for the future and putting down roots in a community. We are on the side of hard-working people who want to play their part in our property-owning democracy.”

The importance of community and the creation of long-lasting homes that families can grow in and enjoy is the cornerstone of everything that we create at Harvey Homes. We carefully choose the locations for our homes to ensure that the future occupants will be surrounded by community groups and amenities, and we design our homes thoughtfully to ensure they will stand the test of time. 

In general, the new build sector has actually bucked the trend in the market in recent years and has stayed resilient in the face of Brexit, so the hope is that this will remain and people will continue to see the value in buying quality new-build homes that are built to last. 

Now that the election is over, the hard work starts for the Conservatives to make good on their pledges to help both homeowners and young people hoping to buy. The Party’s main housing pledge was to ‘help buyers and make mortgages more affordable’. Let’s hope that this pledge is realised and that an increasing number of people are able to take their first step, or their next step up the property ladder. 

At Harvey Homes, we can only hope that the apprehension to buy caused by political uncertainty will wane, the property market will become more buoyant and the sector receives the boost we have all been waiting for.