London prime residential property market reaction to a Conservative triumph

The Conservatives will be in the power party for next five years and they’ve even got a fully-fledged majority government. Unsurprisingly, the high-value property industry is chuffed to bits with this outcome. Most people with money are pretty relieved by the blue hue that swept more of the country than expected last week.

Money markets and property-related share prices (Savills, Foxtons, Countrywide and Rightmove) started to rise on the back of a surprising exit poll, released at 10pm last Thursday night, which showed the Tories just a smidge away from a proper majority. It’s widely anticipated that a Conservative victory will create a flurry of activity at the top of the property market, as relief sweeps across owners and agents and pent-up demand is released.

Here’s a quick refresher of what the Conservatives have been promising us over the past couple of months:

  • No mansion tax
  • Raise the married couple Inheritance Tax nil-rate threshold to £1m
  • No revision planned for Council Tax
  • No more changes planned to SDLT
  • Help to Buy Equity Loans to be extended until 2020
  • Help to Buy Mortgage Guarantees to carry on until 2017
  • A new Help to Buy ISA to come in
  • 200,000 starter homes to be offered to first time buyers under 40 at a 20% discount by 2020
  • Another 275,000 affordable homes to be available by 2020
  • Tenants to be able to sublet properties
  • Right to Rent checks to be rolled out nationally
  • Clamp down on vengeful landlords existing tenants
  • Bring in higher energy efficiency standards
  • Limit Local Authorities powers to licence private landlords

Source: PrimeResi.com www.primeresi.com