There may be nervousness for our market but positive strides can be made – even if we have to make them ourselves
It’s a big challenge to write an article not based on the fallout from the general election, given how the changing political tides can reshape our housing and mortgage market so radically.
So what are we faced with now? It feels like the opposite of an interventionist policy, based on the weakening of the Conservative Party’s grip on power, which will, in all likelihood, affect its ability to get things done.
In fact there was some important restructuring planned for the housing market by most parties. Now we wait to hear what actually makes it through to the Queen’s Speech.
The good news is that housing is so important that the Government is unlikely to leave it alone. Indeed, if the policy is to build hundreds of thousands of homes, I doubt there will be much pushback from the Democratic Unionist Party – although I expect it will seek greater funding for new homes in its own back yard.
Where we may see less action than previously thought is in the Conservatives’ plans to improve the homebuying process and in other areas such as leasehold reform.
But this is not all driven by a political agenda and there is a lot we can do ourselves to make such matters better. For instance, there would be a great deal of improvement if we took control of the process. You do not need me to tell you the problems many borrowers are having with free legals. This has a simple fix: not to use lenders’ choice of conveyancers that are already struggling.
So while there may be some nervousness about what the future holds for our market, positive strides can be made – even if we have to make them ourselves.
Harpal Singh is managing director of Broker Conveyancing