The UK housing market and the conveyancing sector is gearing up for a quieter period in the run-up to the General Election, but then a bounce back afterwards.
This is normal of any election year but with the election too close to call in 2015, it will be a little worse. What the market and consumers really don’t like is uncertainty and so getting the election out of the way and hoping that we come through it with clarity is really important.
There is scope for recovery, but the worst outcome for the economy would be a hung parliament. This will mean another election and an increasing period of uncertainty and nervousness for consumers, businesses and the markets.
What is concerning about this lack of clarity is the actual impact this has on the sentiment of the wider market because what it heralds is the potential for a fiscal environment that is unsupportive of those who aspire towards home ownership at any level, and that is very unfortunate.
The second half of the year will be much more buoyant when the impact of George Osborne’s changes to the stamp duty system kick in within a more certain post-election world. His overhaul means that it is cheaper for those at the lower end of the market but more expensive for high-end buyers. The changes have the potential to reignite the market, increasing housing transactions.
In the meantime, it is imperative that in the role of conveyancing and working in the best interests of our customers that we move transactions as quickly as possible to exchange, to give certainty where we can have influence.
In a fragmented market and where many parties can be involved, we have an obligation to ensure that communication is right at the top of our priorities in whatever role we play, to ensure our customers are informed, expectations are managed and we together are driving the best outcome for our customers.
In this space, new technology will undoubtedly help and there are many exciting changes being reported and delivered, which can only assist in raising the consumer experience of moving house. None of these will happen overnight and in the meantime we must continue to look at how we can progress our customers sales and purchases pro-actively and effectively.
