Post-election property market looking positive - Palmers Solicitors

Post-election property market looking positive

The UK property market is set to benefit from a post-election boost, experts are suggesting.

Estate agents in London reported renewed interest in high value properties in the capital after the 7 May poll, following uncertainty over the general election outcome, concern over Labour’s plans for a mansion tax on homes worth more than £2 million and an end to non-domiciled status.

Prime central London estate agency Napier Watt said that after many buyers had adopted a pre-election wait-and-see attitude, it was expecting a “busy summer”.

Meanwhile, estate agents Savills said there was likely to be “an uptick” in new buyer enquiries and transaction levels in the mainstream property market and forecast growth in values of 10.4 per cent in London and 19.3 per cent for the whole of the UK (including the capital) over the next five years.

Property finance specialists Anderson Harris commented: “With lenders retaining an appetite to lend, and offering some excellent mortgage deals, plus certainty returning to the housing market, now could be a very good time to buy.”

Nicola Tubbs, an Associate Executive with Palmers, said: “The Conservatives have pledged a raft of measures to support home ownership, including a commitment to building affordable homes, with 200,000 to be built exclusively for first-time buyers under 40 that will be sold at a 20 per cent discount.

“Their manifesto contained plans to extend the Help to Buy scheme to 120,000 more homes, with the Help to Buy mortgage guarantee continuing until the start of 2017 and Help to Buy equity loans until at least 2020.

“With prospects for the property market looking positive, having access to expert legal advice can make a real difference in what is likely to continue to be a competitive environment.

“At Palmers, we are experienced in purchases under the Help to Buy scheme and provide prompt, proactive, cost-effective support and services at every stage of your property transaction, whether you are buying for the first time or your sale or purchase is one of many. Additionally we have links with many mortgage brokers and surveyors who we can recommend to prospective buyers. For more information, please contact our Property team.”