Chief Executive of Fleet Mortgages, Bob Young, was particularly pleased with the result and sees a number of positives for the housing and mortgage markets.
“The Tories tend to be far less interventionist than the Labour Party which means they are unlikely to meddle in the housing market, particularly the private rental sector,” said Bob.
“We are all acutely aware of the overwhelming need to build more houses in the UK however the problem may be a lack of materials and manpower – many thousands of construction workers exited the industry back in 2008 and haven’t been replaced.
“Therefore the promises of more housing supply, especially those made by the Labour Party during the campaign, were simply not achievable. The capital markets will be positive about the result because of the stability provided and this is likely to hold firm at least until we’re faced with the EU referendum.
“Perhaps more importantly though, I think the fact a Government majority has been achieved will provide a real boost of confidence to the UK populous – which admittedly is hard to measure but critical to a nation’s success – and that will be very good overall for our country.”
“What we need now is to develop the UK housing market, in particular, increasing housing supply for both ownership and rental which should be the number one priority for this new Conservative Government,” said concluded Bob.
Managing Director at Broker Conveyancing, Harpal Singh, believes that the property sector “should probably breathe at least a small sigh of relief.”
“The time really has come to deliver in this area and let’s hope we see real progress over the course of the next five years,” said Harpal.
Meanwhile, Rob Clifford, Chief Executive of Century 21 UK and Director at national mortgage broker, Moneyquest, said that he was pleased about the level of continuity between the last Government and the next.
“In terms of the lettings agency side of our business, we feel the result is a bullet dodged given the onerous regulation we could have expected from a Government led by the Labour Party,” said Rob.
“We fundamentally believe these measures would have failed to deliver the consumer benefits suggested and therefore it is a welcome move that the lettings sector looks highly unlikely to now be saddled with such measures.
“Overall, the result appears to be a positive outcome for both the financial services and agency marketplaces in which we operate, and there is a significant level of confidence about the growth and development we can achieve within this new political environment.”
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