General Election day! What the outcome could mean for the property market

The nation heads to the polls today to help choose the next Government.

Housing hasn’t been a main feature and most of the main property policies are the same, focusing on new buyer support, scrapping no-fault evictions and building more homes

The main differences on property came after Labour revealed it will return the first-time buyer Stamp Duty exemption to £300,000.

The Conservatives also have a manifesto pledge to reduce capital gains tax for landlords who sell to a tenant.

The property market could still get a boost from the result, Zoopla said, even as it heads into the traditionally quieter summer period.

The Labour Party is expected to win the General Election, putting Sir Keir Starmer in Downing Street and Richard Donnell - executive director, research at Zoopla, suggests the housing market would react well as the two main parties aren’t miles apart in many areas. 

He said: “There will be a base rate cut at some point which will do more for market confidence than the election itself, and if this came in quick succession it could support sentiment and sales volumes which are on track for a 10% uplift in 2024. 

“In terms of housing policies, the growth agenda is positive but it actually needs delivering. The housing market is an extension of the economy so a growing economy and wealth creation is ultimately good for homeowners.”

Labour has pledged to build 1.5m homes during the five years of parliament and has promised its own version of the Mortgage Guarantee Scheme known as Freedom to Buy.

Donnell added: “With regard to home ownership, affordability remains a big challenge especially in the south of England. The first-time buyer mortgage guarantee scheme may help 5% of first-time buyers a year, so the pressure is still on buyers to enter the market with chunky deposits unless an incoming government is really able to boost the supply of more affordable homes, both to buy and to rent. 

“The agenda to build more homes is right but it needs a national government to set the big picture and invest and then empower local government to deliver what is needed on the ground - there is no one size fits all solution to this. “

House Buy Fast boss Jonathan Rolande said the next Prime Minister must “hit the ground running” on day one when it comes to housing, particularly on building more homes.

He added: “We need to slash Stamp Duty for downsizers to free up much-needed bedroom space in large family homes.

“I’d also like to see the next Prime Minister offer meaningful tax breaks to landlords who insulate their tenant’s homes. The poorest in society often live in the most energy-intensive properties, costing money and causing emissions unnecessarily.”

On the bolder moves that the Government needs to make, he added: “I’d like to see the next government create a new Ministry for Housing and have cross-party involvement within it. Politicians should all agree that we need more affordable housing and they should be working together, outside of party politics, to deliver it.

“We also need a housing minister who is in it for the long haul. In the last decade, we’ve seen countless ministers come and go. The removal van outside the housing minister’s office has been doing overtime. We need stability and a long-term strategy that delivers change and which provides solutions to our housing crisis.”

Whoever you vote for today, make sure you get your voice heard.

> Find your local polling station