The news of a snap General Election on June 8th has certainly ruffled a few feathers throughout the property industry, and many homebuyers and sellers are also left wondering what the impact might have on the property market.
The UK property market has weathered a number of storms over the last couple of years, whether it’s changes to Stamp Duty, criteria for non-doms to stay, interest relief on rental properties, inheritance tax, Brexit, the US Election – it’s certainly been an interesting ride!
Historically, there is a clear correlation between General Elections and market activity. However, this time there is no long run-up, and having a ‘snap election’ means that it’s likely to have much less of an impact on the property market overall. It could be a positive decision for the property market in that it will bring some much-needed political certainty ahead of the Brexit negotiations later this year.
Both the London and Oxfordshire housing markets outperformed expectations following last year’s referendum, and I think this will be the case again following the General Election. Demand for properties in Oxfordshire remains high, and prices have increased 40 per cent in the last decade. The county’s high quality schools and universities as well as good infrastructure and plenty of job opportunities continue to make it a magnet for Londoners looking to moving out of the capital.
An acute shortage of houses in Oxfordshire continues to be an issue and the election won’t change this, but we hope will be key to Government policy making in the run up to polling day and afterwards. The short supply of good quality stock in Oxfordshire means that homes that are priced correctly will continue to be competitive and will therefore support prices to some degree.