We’ve analysed policies, looked back at previous elections and read what the industry is saying, to bring you the key changes that agents, housebuilders and conveyancers can expect to see.
Continued focus on building new homes
The UK needs more new homes, and whoever is in power will be tasked with delivering an increased number.
The Conservatives have pledged to deliver 1.6 million homes in England in the next parliament, while Labour say they will build 1.5 million new homes. Just over 231,000 were built in 2023, according to EPC data.
Whether pledged targets are met or not, more houses means more transactions – and with it, potentially more hassle for those involved with those transactions.
With Movemnt’s integrated conveyancer and broker network and automated milestones, property professionals can do more in one place.
Support for first-time buyers after the election
The Conservatives have said they would make permanent the increased threshold of £425,000 at which first-time buyers pay Stamp Duty, which they say will support more people onto the property ladder and encourage transactions.
They’ve also pledged to introduce a new Help to Buy scheme with 5% deposits.
Labour’s only manifesto reference to Stamp Duty is that they would increase stamp duty on purchases of residential property by non-UK residents by 1%, to enable 300 new planning officers.
Even if more financial support comes through for them, our research has shown that first-time buyers still have major reservations when it comes to their role in a transaction – including their legal obligations, and who to pick to help them with them.
Movemnt’s transparent, integrated conveyancer network gives stakeholders an easy way of comparing providers by price, location and services offered – ultimately building trust among less-confident buyers.
Could the election delay housing transactions?
Zoopla’s Executive Director of Research, Richard Donnell, has already said how the general election is “likely to stall the pace” of new property purchases, which could mean completions might fall short of the 1.1m figure expected for 2024.
It is likely that those just starting the home moving process might wait until the election is over.
However, Donnell also said he doesn’t expect the election to have as big an impact as in previous years, because there is “little divide in policy between the two major parties”.
You can guess what we’ll say here: integrating with Movemnt is the best tool property professionals can have in their kit to get the transaction moving as fast as possible. We take an average of 60 days off of the time it takes for a property transaction to reach exchange.
How could the election impact mortgage rates?
Some lenders increased rates on selected mortgage products in the immediate aftermath of Rishi Sunak’s election announcement in May.
While it is incredibly difficult to predict what will happen after the election, some experts have warned homeowners not to expect sweeping cuts to mortgage rates.
This means that buyers will potentially need to continue to be as price conscious as they’ve had to be this past couple of years.
Movemnt’s commitment to connecting buyers to conveyancers with transparent, fair pricing helps reduce the bill shock that is such a deterrent to so many when purchasing a home – as well as reducing the risk of fall-throughs.
Will the election lead to increased home buyer demand?
Analysis from before and after the 2015 and 2019 elections shows that buyer demand did increase after both.
Again, it’s difficult to accurately predict what will happen after the election, but most commentators expect the current optimism to continue.
With increased buyer demand comes increased buyer demands. Movemnt enables you to offer a seamless housing transaction interface to your customers – meaning they know what they need to do, when they need to do it, and have a pleasant experience of it at the same time.
Want to unlock quick, efficient and stress-free home transactions? Chat with us.
