The UK housing market slowdown, caused by economic and political uncertainty, is set to continue with the general election resulting in a hung parliament reports Property Wire, the news service.
The only certainty is that there will be a new housing minister - the sixth in a row in as many years - as current minister Gavin Barwell has lost his seat.
Property industry experts are urging whoever forms the next Parliament to make housing a priority with Michelle Niziol, from the IMS Property Group saying: “Any newly formed Government will need to work closely with organisations within the property industry and other sectors to deliver a successful housing strategy for the years to come”.
She added that more affordable housing to buy and rent should be high on the housing agenda of any Government, as well as a reformed stamp duty system so that sellers take on the cost rather than home buyers, and measures to speed up house building and delivery of infrastructure.
Russell Quirk from online estate agents eMoov commented that for the property market post-election to return to normality may be rather further away than expected. “Political instability breeds procrastination on the part of home buyers and sellers and for over a year now we have seen the effects of that on volumes, if not so much prices, as a consequence of the European Union vote and then the snap general election”.
Experts all say that the fact that the UK is about to enter a situation with a hung parliament is bound to have ramifications for the property market, as there will be less stability for the economy.