The Hung Parliament result from the 2017 General Election was an outcome very few predicted.
After a poor campaign from the Conservatives, combined with a surge of grassroots and young support for Labour and Jeremy Corbyn – neither party achieved a majority – leaving the nation in uncertainty. Who knows what will happen next?
The Hung Parliament result from the 2017 General Election was an outcome very few predicted.
After a poor campaign from the Conservatives, combined with a surge of grassroots and young support for Labour and Jeremy Corbyn – neither party achieved a majority – leaving the nation in uncertainty. Who knows what will happen next?
The Conservatives received the most votes they have ever had and history would dictate that they will form a government with the support of a smaller party to obtain a majority. However, the most likely option are the Democratic Unionist Party causing significant uncertainty within the party ranks. Jeremy Corbyn has also said he is ‘ready to serve’ and is reportedly in talks to form a coalition.
There are currently many stories of those currently in the process of buying or selling a home wishing to pause for several weeks until the country’s future is more certain. At this current moment, it is difficult to tell which party will be taking the country forward.
It should also be noted that the market has been deemed slow by many Estate Agents for a number of other reasons, such as inflation overtaking wage growth, recent changes in buy to let lending regulations which has been documented and the impact of additional stamp duty taxes at the end of quarter one last year.
The pound has dropped in value since the hung parliament announcement. As Brexit talks are soon to start, the only thing currently certain is perhaps more uncertainty.
Despite the clear economic challenges, the current uncertainty offers potential advantages. The lower pound is likely to help Expats looking to purchase in the UK as exchange rates may be more favourable. Investors with experience may feel confident in their ability to take a long term view and could also benefit from the hesitation of others to secure favourable prices.
One thing is for sure – the next few weeks and months will certainly not be dull.
