Many expected it but few people within the property industry will have been prepared for the sheer size of Labour’s victory today over Rishi Sunak’s government in the General Election.

Labour is on track with just a handful of results due in to have a majority in parliament of 176 seats but despite the celebrations among those who voted for them, many agents and landlords are apprehensive about the housing policy that the party is likely to implement.

This will include a more radical Renters (Reform) Bill as well as major changes to the UK’s planning system and the green belt plus a major housebuilding push. Here we document the industry reaction so far this morning.

Nicky Stevenson, MD of Fine & Country

“Buyers and sellers should be assured by today’s results that the property market is likely to remain robust in the coming months. Further buoyancy in the housing market is expected once the political climate settles.

“Election periods usually cause a hiatus in market activity, but that has not been the case this time around. While there may be some question marks remaining over taxation, the housing sector has shown resilience.

“It is going to be very interesting to see how the new Labour government injects some fresh thinking into the industry, following several years of dramatic ups and downs in house prices and property transactions.”

Ben Beadle, Chief Executive of the NRLA

“We congratulate Labour on its election to office. The party’s manifesto committed to fundamental reforms to the private rented sector. This includes ending section 21, ‘no explanation’ repossessions.

“We stand ready to work constructively with the new government to ensure changes are fair and workable for tenants and responsible landlords and are sustainable for the years to come.

“It is vital however that reform does not make worse an already chronic shortage of rental properties to meet demand.”

Nathan Emerson, CEO of Propertymark

“The UK has suffered a chronic undersupply of sustainable new homes for many decades and any new policies to increase housing supply must come with full disclosure on how and when developments will be delivered.

“For many years, the under supply of housing has pushed prices up for both homeowners and renters, and it is vital there is a plan to ensure supply keeps pace with real world demand.

“Across the next ten years it is expected the UK population will grow to around 70 million people and it’s essential there is a diverse mix of housing solutions available.

“Key aspects must include careful consideration to ensure all new housing is logically implemented in targeted regions and wherever possible, protect greenbelt areas.”

Guy Gittins, Chief Executive of Foxtons

“This morning’s news of Labour’s victory in the election should prove positive for the London sales market.

“Labour’s manifesto demonstrated a strong focus on business and economic growth, which is very promising.

“This focus, together with improving inflation figures and an anticipated rate cut later in the summer, should give both buyers and sellers confidence and result in good levels of activity in the market for the rest of the year.”

Tim Bannister, Rightmove

“It is crucial that the government considers the impact of any new policies on the wider market, as a policy designed with one group in mind often has knock-on implications for another group of home-movers.

“Earlier this week Rightmove quizzed Keir Starmer about what he would do to help housing, and it’s encouraging to see that Labour’s manifesto focused on building more homes and planning reform.

“Creating more homes for sale and for rent quickly, whilst maintaining quality is a pressing issue, to ensure there are more homes to meet the demand.”

Paul Shamplina, founder of Landlord Action

“With Labour’s election win and their commitment to abolishing Section 21 ‘no fault’ evictions, there will be significant concern within the landlord community today about the future of their properties and tenancies.

“Although Labour pledged to scrap Section 21 from day one, recent statements by Labour’s deputy leader, Angela Rayner, on LBC Radio, admitted that the practicalities of this promise are far more complex, as we already know.

“An immediate ban on Section 21 evictions is not feasible without first addressing the current inefficiencies within the court system. Rayner’s acknowledgment of this highlights the need for a balanced approach that considers both the rights of renters and the practicalities faced by landlords.

“Nevertheless, given Labour’s pledge, we now anticipate a further surge in the number of landlords serving Section 21 notices in the coming months.

“Landlords are likely to act pre-emptively to protect their interests before any legislative changes take effect.

“At Landlord Action, we have already seen an increase in instructions for Section 21 notices as many landlords move to secure their rental income or prepare their properties for sale.

“The primary concern for landlords is that without the ability to use Section 21, they might face significant challenges in managing problematic tenancies effectively.

“The uncertainty surrounding the timing and implementation of these changes is likely to drive more landlords to take action now, rather than risk being unable to address issues swiftly in the future.

“While the intention behind scrapping Section 21 is to protect tenants from unfair evictions, it’s crucial that the transition is handled carefully. This will help avoid unintended consequences that could reduce the availability of rental properties and ultimately harm both landlords and tenants.”

Allison Thompson, National Lettings Director, LRG

“Labour’s victory in the general election marks a significant turning point for the private rented sector (PRS). With their ambitious plans for housing reform, it is crucial that the new government addresses the pressing issues facing both landlords and tenants.

“We urge the new government to place housing at the heart of its agenda, providing the consistency and long-term focus that the sector desperately needs.

“The private rented sector is integral to solving the housing crisis, and we look forward to working with Labour to ensure that all aspects of the housing market are effectively addressed.”

Nick Leeming, Chairman of Jackson-Stops

“A Labour victory may have been long expected but today’s confirmation of just how much the political pendulum has swung to the left marks a change of direction for the UK.

 “While a new Government is now certain, much is still unknown about how much of Labour’s manifesto they will be able to implement, and how quickly. Optimism for some about the future is supported by our recent research which found that nearly a third of respondents believe a Labour Government will make home ownership more accessible.

“Significant policy changes have been lauded when it comes to the property market, particularly around housebuilding and making home ownership more affordable.

“Labour has pledged to build 1.5 million new homes within five years which would be the biggest boost to affordable housing in a generation by building on the grey belt and creating new towns.

“Our research also found that over a fifth believe building on brownfield land and low quality grey belt land would offer the biggest improvement to the housing market.

“But such an ambitious target will take significant time, resource and support to achieve, the property industry will be looking for further clarity but also the opportunity to engage with the government to bring Labour’s policies to fruition in a sustainable and effective way.”

Isobel Thomson, chief executive of safeagent

“We await more detail regarding the Labour Government’s manifesto commitments, not least in regards to the private rented sector.

“Safeagent urges the Labour Government to shed what has been perceived up until now to be an anti-landlord/agent agenda.

“In so doing, the sector will respond in working with the Government to continue to deliver both security and quality of homes for tenants.”

Robert Poole, Glide Property Management, part of LRG

“As we welcome the new Labour government, it is crucial to acknowledge the strides made and the challenges that lie ahead in the property management sector.

“The recent laws have alleviated some of the burdens on leaseholders, particularly with cladding issues post-Grenfell. However, the process of developer-funded remediation for mid- and high-rise buildings remains problematic.

“Despite the commitment of developers, the timeline for remediation is fraught with delays, impacting over 12,000 high-rise blocks across the UK. The new government must ensure that developers adhere to set timescales to prevent indefinite delays and ensure the safety of residents.”

Iain McKenzie, CEO of The Guild of Property Professionals

“Change has been promised, but thankfully for the property industry, the gradual steps likely to be made in the coming months will make sure change is delivered with stability.

“Labour’s plan to build 1.5 million more homes is a welcome policy initiative that will surely get more people on the property ladder. The way these targets are delivered is crucial as there is a lack of affordable housing in many parts of the country.

“Any planning reforms should ensure that communities are being supported by infrastructure rather than just housing estates.

“We do not anticipate any immediate changes to the mortgage market in the aftermath of these results.”

Oli Sherlock, MD of Insurance at Goodlord

“The new Government has a hell of a job on its hands. Whilst their attention will be pulled in many directions, housing policy deserves to be high on the agenda. We’ve had over a decade of stagnation on housing – now is the time for action.

“Firstly, we need a credible, rapidly implemented plan for house building. The lack of new private and social homes being built is at the very crux of our housing crisis. House building doesn’t happen overnight, meaning we have no time to waste if we want current pressures to abate within a reasonable timeline.

“Alongside this, the new Government must give the market clarity on what’s happening with Renters Reform. If similar legislation to the previous Bill is set to go through, we need clear information on details and timelines. The election-induced delay is also an opportunity to ensure concerns around Section 21 and court backlogs are effectively addressed, before legislation hits the statute books.

“Lastly, we need consistency of leadership. This isn’t Premiership football, we can’t afford to have another merry-go-round of Housing Ministers – the sector is far too fragile. Long-term planning, consistent leadership, and clarity over details is what the market is calling out for as we enter this new chapter.”

Paul Cosgrove, Director of Finlay Brewer:

“The property market is cautiously optimistic about a change in government, so our hope is to see a positive start to Labour’s tenure, with efforts to boost the economy, which will in turn help to build confidence and drive activity.

“The one concern is where the focus will be on taxation to generate the budget for the various national policies muted, with a fear of Capital Gains Tax and Second Homes Levies being further targeted, which could have a negative impact, especially at the top end of the market.

“Whilst transaction levels overall have been more robust than expected so far this year, the more expensive market segments have been slower than anticipated given the uncertainty of potential property tax changes with a change of Government.

“Now that we have that clarity, we are quietly confident of seeing increased activity across all segments of the market. However, we anxiously await the direction Labour will elect to go which should be clearer when the Autumn Statement is announced.”