One prediction made by those in the industry was that a Conservative party win would bring the market out of its stagnant state.
Transaction data and house price indices have suggested sellers and buyers have been adopting a ‘wait and see’ approach amid the unpredictability caused by Brexit and Parliamentary affairs.
It is good to have certainty and a government with a clear mandate. Although there is talk of a potential extra three per cent stamp duty for foreign buyers as detailed in the Conservative manifesto, until that time we will see the property market return to some sort of normality with the uncertainty of Brexit having been mitigated.
We expect buyers who are currently under offer and who might have been holding off in exchanging contracts prior to the election, now getting on with it and exchanging prior to Christmas
At last the political deadlock of the last few years has finally been broken. Whatever anybody may think of the result, we now have some clarity around Brexit at long last and that should help bring more certainty to people thinking about buying or selling homes, and to investors.
The property market will be one of the main beneficiaries of the win.
Such a conclusive victory for Boris Johnson has the potential to turbocharge the property market and get it out of its current rut.