Prime Minister Rishi Sunak has declared that a General Election will be held on Thursday, July 4th, 2024, with Parliament dissolving on May 30th. This announcement has sparked a flurry of predictions and expectations from housing experts and stakeholders about the possible effects this political milestone could have on the property market.

Housing as a Central Campaign Issue

Nathan Emerson, CEO of Propertymark, emphasised the critical importance of housing, urging all political parties to prioritise this issue during their campaigns. Describing housing as the “cornerstone for every single community across the UK” and foundational to a robust economy, Emerson calls for a renewed focus on addressing housing shortages and future demands. He advocates for sustainable housing solutions catering to both buyers and renters and stresses the need for innovation, quality, and environmental sustainability in housing policies.

Furthermore, Emerson highlights the necessity for comprehensive support mechanisms for first-time buyers to make homeownership more accessible, while also maintaining a balanced housing market that supports all demographic segments.

Concerns Over the Renters (Reform) Bill

Oli Sherlock, managing director of insurance at Goodlord, points out the jeopardy facing the Renters (Reform) Bill due to the upcoming election. With the bill potentially stalled, Sherlock voices the industry’s frustration over the lack of clarity and fears a reset to efforts if the bill does not advance before the election. He expresses hope that the subsequent government will place significant emphasis on housing and the private rental sector.

Potential Changes to Stamp Duty and Conveyancing

Stuart Forsdike, a founding partner at PCS Legal, speculates that the election might lead to beneficial changes for the housing market, including possible reductions in stamp duty and improvements in the conveyancing process. Forsdike argues that the conveyancing process is overly complex and cumbersome, acting as a deterrent for potential home movers. He advocates for a comprehensive overhaul to make the moving process more fluid and less stressful, which could stimulate market activity and increase satisfaction among homeowners and buyers.

A Boost of Certainty for the Market

Robin Rathore, CEO of Bamboo Auctions, welcomes the election announcement as a beacon of certainty in what has been a fragile market. With inflation nearing the Bank of England’s target and an anticipated drop in interest rates, Rathore sees an opportunity for buyers to capitalise on a quieter market in the lead-up to the election. He predicts a vibrant second half of the year for the property market, with an increase in transactions and a more robust return of buyers to the market.