Anticipation of the results had almost frozen the housing market. Landlords were particularly nervous as Labour promised to cap rental increases as part of its election campaign.
Now that we have a degree of political certainty, what does this mean for the housing market?
The answer? Relief.
“The Conservative party did not indicate any major changes to the housing market within its manifesto,” says Jason Dyer of JTM Homes. “Several major changes have already been introduced which provide a foundation of confidence for people who are thinking about moving or letting.”
The changes introduced include:
- Help to Buy scheme
- Help to Buy ISAs
- Changes to Stamp Duty
- House building incentives
- all of which are intended to keep the UK’s housing market buoyant.
Whilst long-term tenancies, capped rental increases and Mansion Tax are not on the Conservatives’ agenda, two items will be looked at:
- Sensible regulation of lettings agents (which JTM Homes supports)
- A clearer Housing Health and Safety Rating System (HHSRS)
“The election result offers certainty and confidence for buyers, vendors and landlords alike,” says Jason. “Positive changes have been introduced to help people buy homes and we're certainly seeing an increase in people wanting to buy properties in north London.”
If you would like a valuation of your property – for selling or for renting, let us know. There is no obligation involved and you’ll be surprised at how proactive and flexible we can be. Talk to JTM Homes, your north London estate agency.