The general election has given the UK a deeper insight into the short-term prospects for Brexit.
Experts have suggested that this could lead to a beneficial outcome for the housing market, as buyers who have been holding back on purchasers will now begin to sign for their homes.
While this activity may release some pent-up purchases into the housing market, most commentators are not expecting the positivity to last long as Brexit draws more uncertainty towards the industry. Predictions state that most house prices will rise by 2% by the end of 2020.
Evidently, affordability is crucial to demand, especially for first-time buyers. Miles Shipside from Rightmove, has said that focus needs to drive to the first-time buyers who are fighting to land a deposit.
Andrew Montlake, from mortgage broker Coreco, says, “It will be interesting to see whether we really do get a programme to actually build truly affordable homes.”
Andrew Burrell, from analysts Capital Economics, says that “with no new policy initiatives expected, it is difficult to see any lift-off for the market,” suggesting that housing is not currently a priority for the government.
Brexit’s relation with the Conservative party has brought a glimpse of productivity to the housing market and despite impending complexities, the industry remains hopeful.