“Confidence in property market will surge following election result” says Waterfords

Brendan Cox, Managing Director of award winning local agent Waterfords, says the outcome of the 2015 General Election will give a positive boost to both the mainstream and premium property market, reinstating both confidence and stability.

“The property market has been some steady but significant improvements during the last four years in comparison to where we were mid-recession. The Conservative party’s views on supporting the housing market have always been positive rather than negative. With no radical plans for change suggested in their manifesto for the near future, I believe market confidence, which has somewhat waned at the prospect of policies such as Mansion Tax in the lead up to the election, will now be restored.

“Operating in some of the south-east’s most affluence areas such as Sunningdale, Virginia Water, Ascot and Chobham, we have had a number of clients who were very concerned at the prospect of a further property tax on those valued at greater then £2million. Buyers and sellers at the top end of the market will now be able to put a move back on their agenda.”

In contrast, Chancellor George Osborne has suggested the Conservative party plans to remove family homes worth up to £1m from inheritance tax, meaning more owners of homes in the UK will be able to pass them on to their children without paying tax.

“As we approach the second half of the year, we’d hope to see an increase of stock coming to the market from those who have been holding off. This will ease pressure from demand and subsequently calm rising house prices, bringing an overall more stable and sustainable market which will pick up momentum over the short-medium term.

Discussing the private rented sector, Mr Cox goes on to say “Landlords and tenants should also be encouraged by the result, as Labour’s plans to scrap tenant fees would have resulted in renting being more expensive for tenants. Landlords would have had to increase rents to cover the additional charges that estate agents would have to levy to them, because they were not receiving fees from tenants.

“Overall, I feel this is a positive result for the country, with the markets already reacting and the pound gaining ground against every rival foreign currency. It is time now for some normality to be restored to the housing market and people’s aspirations to move realised” concludes Brendan Cox.