May calls June election – what will happen now?

by on 18th April 2017

Theresa May caught everyone by surprise, perhaps, with her announcement of an early election today.

She claims it’s to strengthen her hand in Article 50 negotiations, apparently decided whilst she was trudging hills in Wales with her husband, though cynics have suggested it’s more to do with opinion polls than leaving Europe.

Whatever way the country will vote: it will return this government with possibly an increased majority, if we are to believe what we read, or perhaps, more riskily, for the Prime Minister’s political career, another hung parliament as in 2010, or a Labour majority?

What is interesting though about 2010, when Sheffield’s Nick Clegg and Witney’s David Cameron coalition replaced Gordon Brown’s government (doesn’t that seem longer ago than 7 years?) is that house prices spiked nationally either side of the election.

2015 saw David Cameron reelected with a slim majority and again house prices saw surges before and after the election.

So the question on our lips is this: what will happen to property prices nationally from now until June and in the following months?

We can only learn from looking back and, we think, with interest rates remaining so low, regardless of who is elected in June 2017, that house prices will continue on a slightly upward trajectory.

4% increases were widely predicted for the UK property market across 2017 and largely this has held true, with prices, according to Land Registry, increasing steadily, with lower growth than 2016’s 7.8% spurt.

The question now for you as a Leeds homeowner, house buyer or landlord is whether now is the time to sell, buy or invest?

Are property prices going to spike as they did in 2010 and 2015?

Will interest rates remain low?

Is the demand for properties to let going to increase or decrease?

The best way for you to find out is to complete our Contact Form and one of our experienced property professionals from our Leeds estate agency and letting agency office will gladly respond and answer any questions you have in these changing political times.

You can also call us on 0113 235 1025 or send us a tweet or Facebook message and this social media savvy Leeds estate agent will respond.

Before June too.