The prospect of rent controls and mansion tax receded this morning as general election results continue to come in with David Cameron on his way back to Downing Street.
Shares in estate agency firms shot up this morning, with Savills leading the pack along with Foxtons, followed by Countrywide and Rightmove.
Estate agents have been quick to express their relief at what many see as salvation for the housing market, during an extraordinary day in which Labour, UKIP and the Lib Dem leaders all resigned.
Sotheby’s International Realty UK managing director Michelle van Vuuren said: “We are already taking calls from international buyers who want to get back into the market.”
Nick Leeming, chairman of Jackson-Stops & Staff, said: “London is open for business again we expect the wider markets to respond accordingly.”
Lee Watts, managing director at KFH, said: “The result of the general Eeection is extremely positive, both for the management of our country and also the property market. We expect to see a surge in activity over the next few weeks as confidence returns to both the sales and lettings markets.”
Buying agent Charlie Ellingworth said: “This election result is an unambiguously positive result for the housing market.”
But he added: “It is also to be hoped that the Tories somehow manage to kick the insane Right to Buy election pledge into the long grass where it deserves to stay.”
The Liberal Democrats have been all but wiped out with leader Nick Clegg set to announce his own future later this morning.
Labour, which set out its stall as wanting to control the housing market with a mansion tax, rent controls, the abolition of letting agent fees and longer tenancies, has also lost seats with the most high profile casualty being Ed Balls – the man who had hoped to be Britain’s next Chancellor. UKIP leader Nigel Farage failed to win a seat and has said he will step down. The Tories will form the next Government with an outright overall majority.
In Scotland, the SNPs chalked up huge victories – underlining its strength in the Scottish Parliament where, under devolved powers, the Scottish Government is set to introduce major controls on the private rented sector.
In the Yorkshire constituency of Thirsk and Malton, estate agent Kevin Hollinrake stormed to victory as Tory MP. The Hunters chairman polled 27,545 votes, achieving a majority of 19,456, a 52.6% share.
Analysts are also saying that the election results so far are positive for the housing market and should restore confidence among house buyers.
Source: http://www.propertyindustryeye.com/rent-controls-and-mansion-tax-unlikely-as-tories-set-to-govern/
