News 326 is the magic number
Published by Lewis on 13th June, 2017
As the fallout from the general election unfolds, commentators are trying to come to terms with what this means for UK politics, business and of course, the property market. It's hard to say this was a surprising turn of events, particularly given how we've seen political events in the US and in Europe go against the polls and against expectations.
Theresa May's attempt to gain a stronger mandate for Brexit now looks like a poorly timed gamble, as by losing seats they failed to secure a majority. One of those seats that changed from conservative hands was Peterborough, with Stewart Jackson failing to secure re-election after 12 years, succeeded by Fiona Onasanya.
It's now up in the air as to what will happen next as the conservative party try to put together a government. Clearly Brexit negotiations will be on hold for the time being, and this election result may call into question the idea of ploughing ahead with the plans.
Whilst for some these are unnerving times and the uncertainty can be a problem, the fundamentals of the UK economy remain consistent. Particularly regarding housing, in the UK we just don't build enough homes, and this is why prices have continued to rise.
When we reflect on the efforts of past recent governments to get home building to the required levels in the UK, while we have cross-party support for getting homes built, actual delivery is not achieved, rarely meeting the targets that politicians set. Part of the reason for this could be the turnover rate of housing ministers – the departure of Gavin Barwell means we are now awaiting the appointment of our 15th housing minister since 2000.
As we are waiting in expectation of the formation of a government, this may be a good time to make good use of the low mortgage rates on offer at present, as these may be taken off the table depending on political outcomes.
We anticipate our new government with keen interest, and with hopes of some sensible and consistent housing policy for the longer term. In the meantime, it's business as usual as we help sellers market their homes and match them with buyers that are ready to make the Smart Move.