Doug Crawford, CEO of My Home Move, comments on the election resultsMay 8, 2015
Doug Crawford, CEO of My Home Move, comments on the implications of the election results for the UK housing market
“With the slowing down of the property market in the approach to the General Election, last night’s stronger than expected results in favour of the Conservative Party could provide a big boost to the housing market.
“The decisiveness of the result should provide a sure footing of stability and predictability that will deliver more confidence to the housing market. This should help to push up the number of house sales from the decline that has been seen because of the uncertainty of the election.
“We can expect to see a new Conservative Government put its manifesto commitments to improving the housing market into its legislative programme for government.
Extending Help-to-Buy popular with property professionals and public alike
“Its plans to extend the Help-to-Buy equity loan scheme to 2020 is very popular with property professionals and consumers alike. 80% of property professionals attending our annual conference later this month said they support this policy when we polled them.* It is also popular with the public: 65% of Britons backed this plan in our recent YouGov survey. **
“Rising house prices and low wage growth have made it hard for first-time-buyers to get onto the property ladder, so they need all the help they can get. Extending the Help to Buy scheme, which has a proven track record of success, is a popular policy that delivers results.
Hard work of delivering policy commitments begins
“When the dust settles from the campaign, the hard work will start for the new Government on delivering its policy commitments.
“The new Conservative Government will find it easier to implement a Right-to-Buy scheme for housing association tenants than it will to deliver its Right-to-Build programme, according to our survey of property professionals.*
“43% said that a Right-to-Buy scheme for housing association tenants was achievable, with 27% not sure. There was much greater uncertainty over whether the party could implement the Right-to-Build policy outlined in its manifesto: only 26% thought this policy is achievable, with 41% not sure.
“What is clear from both the election campaign and our survey results is that widening access to homeownership for potential buyers and encouraging growth in the sector are vital to ensure a prosperous future for the UK housing market.”
* Survey of 159 estate agents, mortgage lenders, brokers and other property professionals attending the My Home Move annual conference on 20th May. Research carried out in April/May 2015.
** 2015 Homeowners Survey carried out by YouGov with a sample size of 2,184 adults. Survey commissioned by the Homeowners Alliance and My Home Move. Fieldwork was undertaken between 6th – 9th March 2015.