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2017 General Election & The Housing Market


So there you have it then. As the dust settles on the election result it seems that May’s unnecessary gamble, like that of her predecessor, means she may yet be hung, drawn and quartered.

Remember, this all started because Cameron thought UKIP were a threat and rather than toughing it out, panicked. Since then there has followed a litany of poor advice and bad decisions by the Tories.

The Brexit vote and determination of May to follow a “hard Brexit” course begat this result. This was the revenge of the leavers, of the young and of the disillusioned when faced with, it must be said, a very poor, misjudged manifesto offering nothing new.

The electorate seem to have thrown out the idea of a hard Brexit and with negotiations due to start on withdrawal in a matter of days it is unclear who will lead these. Will they be delayed, will they ever happen? Surely a weak Teresa May, who could not even get out and take on Corbyn on telly will now be eaten alive?

I am officially available for Brexit negotiations whilst our idiot politicians fight amongst themselves and sort out what they are doing!

Will it be Boris who leads them now, though early indications are that May seems determined to try to hold on in the short-term, beholden to the DUP for support. Either way she surely cannot fight another election, which could come as early as October this year!

The biggest issue with this result is the uncertainty it provides just at a time when it is the last thing we all need. This may well lead to a period where people are reluctant to make decision which could further slow down the housing market.

I suspect markets and therefore mortgage rates will however remain pretty stable, although the pound predictably tonked early on, but markets seem to be holding firm on the basis that it seems any Brexit will now be much softer. Lenders will still be keen to push a business as usual approach to attract customers through their doors, especially if enquiries take a dip once more.

What is really disappointing, especially with the prospect of yet another new Housing Minister, is that housing once again gets shunted into the long grass as other issues take on more importance for politicians as they battle for their own futures.

It will be interesting to know whether landlords were amongst the group that wanted to take revenge on the May regime because of the anti-landlord policies that have been introduced and it is hard to see whether a Labour or Tory led coalition will actually make things worse. Although things like rent caps may come back into play, the possibility of further taxation changes was present on both sides of the house in any case.

They should however remember that the Private Rental Sector is of paramount importance to the UK housing market and taking things too far may well cause the landlord sell-off authorities have been trying to avoid and exacerbate the crises. They need to be careful what they wish for.

However, we are all getting used to this kind of thing these days. Uncertainty has reigned since 2007 and here we all are, battle-weary but stronger and more determined. This may all yet prove to be a blessing in disguise.

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Andrew Montlake

Written by Andrew Montlake

Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.

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