Hung parliament: the property industry’s first responses

There are many people who won’t be thanking Theresa May for yesterday’s election and today’s hung parliament including her Housing Minister Gavin Barwell who lost his seat last night in Croydon Central. But it’s clear from the property industry’s reaction to the hung parliament result that the political uncertainty that Theresa May has managed to pluck from the jaws of stability following the EU Referendum, is not welcome. The housing market hates uncertainty – people buying and selling their most prized and valuable asset don’t like moving when an election is looming, and particularly when it’s the third national vote in two years. RICS released research yesterday revealing the damage that the election had already done to the property market. It said that a drop in the number of properties coming on the market during May had been “exacerbated by the General Election, as some adopt a ‘wait and see’ approach”. “In May, 25% more respondents cited a decline in fresh listings (compared to those reporting a rise), producing the most negative reading since July 2016,” the RICS report said. Nick Leeming, Chairman, Jackson-Stops & Staff “The UK was promised a period of stability but today’s announcement provides anything but at…

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