"It will be interesting to see how the main parties ramp up their campaigns – and how housing and mortgages will fit into their plans."
Some - like Robin Thomas, consultant at Recoco Property Search - say the move is positive, suggesting it will bring confidence to the market and put housing issues front and centre.
Thomas said: “Now that we have a definite date for the General Election, we anticipate a repeat of what happened after the General Election in 2019 with a Government given a clear majority and thereby giving the property market the confidence it currently lacks. If this happens, we will see a much more active property market in the late summer and autumn.”
Stuart Forsdike, Founding Partner of PCS Legal, said the upcoming election would 'bring the housing market, and hopefully the conveyancing process, to the forefront of the political agenda', adding that many hoped this would lead to a cut in stamp duty.
He continued: "However, the issues facing the housing market go beyond just stamp duty. The entire moving process is currently so fragmented and stressful that it acts as a significant deterrent to potential movers. The complexity and inefficiency of the conveyancing process contribute to this stress and require reform. A complete overhaul to make the moving process more fluid and straightforward should be a priority on the agenda of all political parties."
Many have focused on what housing pledges might be made in an attempt to win over voters, with John Phillips, CEO of Spicerhaart and Just Mortgages, noting: “It will be interesting to see how the main parties ramp up their campaigns – and how housing and mortgages will fit into their plans. This is especially true for Labour and Kier Starmer who set out their ‘first six steps’, which did not include a plan for housing."
Phillips also said he hoped that the incoming government would signal a return to schemes such as Help to Buy or for more support to be given to low deposit schemes like Shared Ownership.
Rightmove’s property expert, Tim Bannister, said that the election itself would likely contribute to a period of stability in the housing market before a 'post-election bounce' - adding that an election over the summer, when the market is tradtionally slower, would likely have less of an impact on the market's activity. He added: “As we head towards this election, the housing market is likely to stay active, with activity ramping up once the election is over and things become clearer. It could mean that we’re gearing up for a stronger than usual August, especially if we see interest rates finally start to fall.”
Maria Harris, chair of the Open Property Data Association (OPDA), also considered the impact on the economy from the election itself, as well as suggesting that the homebuying process altogether should be a priority for the incoming government. She said: “The Prime Minister’s decision to call a General Election comes fast on the heels of a sharp fall in inflation and welcome improvements to the economy. After challenging local election results, this positive economic news will be a key factor in firing the campaign starting gun. It will be interesting to see whether there is more good cheer for voters in terms of interest rate cuts.
"Whichever party forms the next Government, we continue to deal with the challenges of a broken housing market. New ministers will need to tackle these urgently. Top of the list should be digitising our property data and resolving the notoriously sluggish homebuying process. The Open Property Data Association recently gave evidence to The Levelling Up, Housing and Communities Select Committee’s ‘Improving the home buying and selling process’ inquiry, calling for the entire home buying and selling process to be digitised within three years. We appreciate the issues with supply and quality of housing but sharing digital property information across the housing market is a vital first step towards improving customer confidence in the homebuying and moving process and will slash contract exchange times significantly contributing millions to GDP.”
