The uncertainty of the outcome of the upcoming general election can influence decisions relating to all aspects of life, and many people will understandably wonder how this may affect property transactions.

When considering previous general elections, it comes as no surprise that there is generally a slow down in the number of property transactions due to buyers and sellers being hesitant to proceed with making such an important decision against an uncertain future.

However, despite the fact that mortgage rates are still generally high, the housing market remains buoyant, with steady increases of properties being sold. It is also pleasing to note that mortgage lenders’ fixed rates appear to be stable, for the time being.

What we know so far is that the Labour party has not yet announced their stance on stamp duty land tax, whereas the Conservative party are expected to keep the current thresholds for first time buyers. Furthermore, both of these parties currently remain silent on any potential changes to inheritance tax. It will therefore be a case of seeing what unfolds with the next government.

The reality is that the general election will not have an immediate impact on the housing market as neither the Conservatives nor the Labour party have a huge divide in any property-related policies which may throw the property market into turmoil or cause greater uncertainty.

Nevertheless, whilst there may inevitably be short terms fluctuations in prices and the number of properties on the market, the natural supply and demand of the property market will continue to be a driving factor in the property sector.

Our team of experienced property solicitors will be more than happy to discuss your purchase or sale. Please call us on 01267 237441 to speak to one of our property solicitors.