Property News

Is it, ‘business as usual’ for the housing market?

Em Morley - June 13, 2017

Last week’s shock General Election result has plunged the country into more uncertainty, with many peers concerned about the immediate future of the housing market in Britain.

Following Prime Minister May losing her Commons majority and with subsequent talks with the DUP ongoing, many observers are suggesting her days as PM are numbered.

‘Business as Usual’

However, despite the uncertainty, one leading housebuilder has suggested that there should be no reason why it shouldn’t be ‘business as usual’ for the housing market.

John Elliot, Managing Director of Millwood Designer Homes, predicted a Tory landslide. Instead, he was left to rue the result and is worried about the, ‘uncertainty it now brings for the future of the country and the Brexit negotiations.’[1]

Despite this, he maintains that the housing market should look to continue as usual.

Is it, 'business as usual' for the housing market?

Is it, ‘business as usual’ for the housing market?

Elliot observed: ‘Even though it’s early days, as far as I am aware, Theresa May will remain Prime Minister. I have not seen anything other than the statement issued by Downing Street to suggest otherwise and I can’t see this making much difference to our industry, as it stands. People still need homes and we need to keep building.’[1]

‘Had Corbyn been allowed to introduce the ‘garden tax’, I think that would have had a detrimental effect on the market, alongside his other polices on taxation,’ he continued.[1]

Concluding, he noted: ‘If Theresa May were to step down now, I am not sure who the best candidate it to lead the party and the country. My personal view, is that the one bit of stability should remain, is if Theresa May remains in office and continues to negotiate a good deal for the UK’s exit from the EU, and forges ahead with her policy to  build a million new homes between now and 2020, and another 500,000 by 2022.’[1]

[1] https://www.propertyinvestortoday.co.uk/breaking-news/2017/6/business-as-usual-for-uk-housing-industry-despite-election-uncertainty