So the pollsters got it wrong, thank goodness.
We're happy to laugh at our predictions because the outcome of a stable government (predicted by almost no-one) is a massive boon to anybody working in the UK property market.
In case you haven’t heard, the UK public have voted in a majority Conservative government (while punishing Labour and the Lib Dems).
As an indication of the impact on estate and letting agencies, shares in listed agencies including Foxtons and Countrywide rose on news of the result.
What does this mean?
- We get continuity of government albeit without a Liberal Democrat influence to soften the impact of ongoing austerity measures.
- Even better, we get a strong government which can pretty much pass any vote it wants to meaning the potential for progress.
Put simply, a strategy can be set, communicated and implemented. Whether or not you agree with that strategy, if your business will be affected you will be able to at least plan for it. The result will provide people with a renewed sense of certainty and longevity, but that's not all...
- Most importantly, this is the government that people with money feel most confident spending their money with.
Now we have a few weeks for the market to consider what David Cameron will lay out in the Queen’s Speech on Wednesday 27th May.
It’s likely there will be:
- Cuts to tax and an increase in tax bands, to boost consumer spending
- Cuts to spending on welfare, which may hit social renters and their landlords
- An increase on the inheritance tax threshold to £1m
- A pledge to build 200,000 starter homes
Get your flyers to the ready and your teams prepped - with the expected feel-good effect it's time to...sell, sell, sell!
Important dates:
- Monday 18 May Opening of Parliament.
- Wednesday 27 May Queen's Speech.
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