Prime Minister Theresa May’s proposed summer general election could increase stability in Liverpool’s residential property market, according to local experts.
Helen Griffin-Booth, director of estate agent Bluerow Homes, believes the potential 8 June vote will bring consistency to the sector in the wake of post-Brexit disruption.
She says: “In the current political climate Brexit is more of a concern for residential property owners and buyers in Liverpool, and so I am hopeful that an election could bring greater stability at this time.
“Theresa May appears to be in a very confident position to be calling a snap election, and must be secure in her ability to win, which would give the country a much needed level of consistency over the next five years.”
Steve Barber, managing director at local lender Bridging Finance Solutions, concurs with Helen and points out that a summer general election may boost the market by keeping interest rates low and liquidity high in the short term.
He explains: “This level of certainty in very uncertain times, I can only see as having a positive effect on the residential property sector in the region, on the basis that I see interest rates remaining low for some years to come and the markets reacting well to a strong Brexit negotiation.
“High levels of liquidity and low interest rates can only be to the benefit local property market.”
However, Tracey Quirk, partner and head of residential property at MSB Solicitors, says the snap election announcement creates further uncertainty in the immediate term, but points out that the market has shown resilience during times of political upheaval.
She says: “In the short term, this will inevitably present further uncertainty at a time when there are still many unanswered questions in relation to Britain’s exit from the EU.
“During times of uncertainty, consumer sentiment and appetite can be affected. And whilst the banks are continuing to lend, many people are taking the decision to renovate rather than move home.
“What we do know is that the housing market is typically very resilient and we have every confidence that the sector will navigate its way through any affecting changes quickly and smoothly.”
MPs will vote on the Prime Minister’s general election proposals later today (19 April), with the Conservative leader expected to secure the required two thirds Commons majority.