With the general elections just around the corner there is a lot of apprehension about how it is going to affect the rental as well as sales markets in the real estate sector. The general public is rather tired of the exercise where they are being called upon for the third time to turn up for exercising their franchise. The first was the EU referendum that created a lot of buzz, followed by the general election in May last year.
Landlords, agents and realtors are a concerned lot, as the vacuum and instability in the political arena has diminished the value of properties, even the ones located in prime areas. Although the call for elections came as a surprise to many, most people are down with a sense of uncertainty as to how the real estate market is going to react.
Whoever is going to make it to Downing Street will have to start from scratch, which might send some positive signals as far as the housing market is concerned. The need of the hour is a strong and stable government that can be a tough negotiator in the Brexit deal, which will be a great boost for the financial as well as property markets in Britain.
Landlords and realtors are pinning their hopes on anend to the bickering going on in Westminster, and any party coming with a clear mandate should be welcome. Mark Hayward, head of NAEA and David Cox, head of ARLA are of the opinion that the realty market is already in a severe crisis and the acute shortage in housing is causing alarm bells to ring.
The new government has to take a comprehensive view of the housing policy, bringing in drastic changes wherever necessary. The private rental market is already plagued by exorbitant tax hikes with benefits being cut ruthlessly. With a ton of regulations bogging down the industry, tenants are finding it increasingly difficult to find a place to dwell.
Landlords, on their part are finding it difficult to provide decent accommodation and are reluctant to put in any more money to improve the properties. Brexit and the consequent exit of Britain from the EU still has its effect, which will probably continue for a few more years. Unless the new government gets a favourable deal it is going to be tough going for property owners and realtors. However, people who are selling their properties will continue to do so, and new investors will probably shore up enough courage and invest their hard earned money in new property acquisitions.