Conservative majority boosts the UK property market
Estate agents expect a steady growth in the number of properties for sale after yesterday’s election result increased the level of economic confidence in the UK market among home-based and international buyers.
Fears that a Labour victory could have triggered the introduction of a mansion tax on homes worth £2m or more had been blamed for a slowdown in the property market in the months before the election.
The unexpected Conservative victory is also good news for landlords. Labour had said it would introduce rent controls, leading to fears that the property industry would become more heavily regulated and overtaxed.
Experts are now predicting that prime housing prices in London will rise by 22.7% over the next five years, while prices across the UK could surge by 19.4%.
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