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Election result fires up property market

Tory victory sends a green light to buyers and sellers ' now the action will begin   It began with an exit poll that looked like good news for the Conservatives, and it stayed that way. 'No one really expected this,' says Dominic Agace, chief executive officer of Winkworth estate agents. 'We are especially pleased that the prospect of an increased mansion tax under Labour has been avoided, as well as the idea of increased rent controls and obligatory three-year tenancies. All of which would have put pressure on the private rented sector, and served to put off investors. 'What people don't take into account is the fact that overseas investors are extremely important both to the property market and to the economy. They spend a huge amount of cash in buying UK services. 'Now that the election is out of the way, though, I do think the Tories need to ensure that more houses get built. I would like to see them making moves to get homes built on brownfield sites that they have identified.' On the whole, though, rather than requiring emergency life-support treatment, the election result has given the property market the shot in the arm it was hoping for. Expect increased transactions, says Dominic Agace. 'There are a lot of people out there who were just waiting for the election result,' he says. 'Now that the result is known, they will be putting their house on the market.' There is no doubt what message the electorate has given the nation's estate agents. Far from red or amber, the signal is green. Let the buying and selling begin.

Tory victory sends a green light to buyers and sellers ' now the action will begin

  It began with an exit poll that looked like good news for the Conservatives, and it stayed that way.

'No one really expected this,' says Dominic Agace, chief executive officer of Winkworth estate agents. 'We are especially pleased that the prospect of an increased mansion tax under Labour has been avoided, as well as the idea of increased rent controls and obligatory three-year tenancies. All of which would have put pressure on the private rented sector, and served to put off investors.

'What people don't take into account is the fact that overseas investors are extremely important both to the property market and to the economy. They spend a huge amount of cash in buying UK services.

'Now that the election is out of the way, though, I do think the Tories need to ensure that more houses get built. I would like to see them making moves to get homes built on brownfield sites that they have identified.'

On the whole, though, rather than requiring emergency life-support treatment, the election result has given the property market the shot in the arm it was hoping for. Expect increased transactions, says Dominic Agace.

'There are a lot of people out there who were just waiting for the election result,' he says. 'Now that the result is known, they will be putting their house on the market.' There is no doubt what message the electorate has given the nation's estate agents. Far from red or amber, the signal is green. Let the buying and selling begin.

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