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General Election 2015

The lead up to the General Election 2015 has caused the property market to be rife with ambiguity. Uncertainty hit the prime London market ' with transactions down 26.7% on last year's figures. Moneypenny said there was a 41% fall in valuation calls among its high end London agents during April, and according to Lonres; transaction levels were down 35.3%in the first quarter of 2015 in the £5 million to £10 million market. Final results add to signs of last-minute move to Labour but all polls point to hung parliament as London shares slide in pre-election fears The president of ARLA Valerie Bannister, voiced concerns over Labours ban on tenants fees, suggesting enormous knock-on effects for the entire industry; one being that landlords would eventually exit the sector. 'I would hate to see us go back to the 1980s when I started out, and it was impossible to get hold of an inventory clerk for love or money. That is why so many agents had to learn to do inventories. 'I see exhibitors at our own ARLA conference and at other events, and all would be affected by a ban. They would all fall away.' Winkworth's Chairman, Simon Agace, says that the reality of rent controls is far from the picture of security and control that Labour paints. 'I started my career in the property world as a chartered surveyor in the late 1960s when I witnessed the ending of rental controls, which healed the damage done on the provision of homes and improved the quality of property in London. I therefore note the current climate with a certain degree of anxiety for the home-buying public,' he comments. 'The rental market has changed for the better as a result of some excellent regulation, but there is a delicate balance between regulation and altering the relationship between tenant and landlord. Intervention on rents and security of tenure has in the past damaged both market liquidity and good business values'. However ' Labour has promised to abolish stamp duty for first time buyers looking at properties up to £300,000 ' a maximum saving of £5,000 ' which would serve to help the sales market remarkably. 'Any proposal that enables the market to perform at all levels is welcome as it helps to create a sustainable and stable environment. As such, helping first-time buyers by removing the cost of stamp duty should have a positive impact on the market,' comments Dominic Agace, Winkworth's CEO. Read our chart below to see each parties proposed housing policies. Sources: http://www.propertyindustryeye.com/labour-says-student-sharers-are-being-charged-out-of-control-fees/ http://www.propertyindustryeye.com/sales-plummet-by-over-25-in-prime-london-market-amid-election-jitters/ http://www.theguardian.com/politics/2015/may/07/labour-one-point-lead-tories-final-icm-poll

The lead up to the General Election 2015 has caused the property market to be rife with ambiguity. Uncertainty hit the prime London market ? with transactions down 26.7% on last year?s figures. Moneypenny said there was a 41% fall in valuation calls among its high end London agents during April, and according to Lonres; transaction levels were down 35.3%in the first quarter of 2015 in the £5 million to £10 million market.

Final results add to signs of last-minute move to Labour but all polls point to hung parliament as London shares slide in pre-election fears


The president of ARLA Valerie Bannister, voiced concerns over Labours ban on tenants fees, suggesting enormous knock-on effects for the entire industry; one being that landlords would eventually exit the sector.

?I would hate to see us go back to the 1980s when I started out, and it was impossible to get hold of an inventory clerk for love or money. That is why so many agents had to learn to do inventories.

?I see exhibitors at our own ARLA conference and at other events, and all would be affected by a ban. They would all fall away.?

Winkworth?s Chairman, Simon Agace, says that the reality of rent controls is far from the picture of security and control that Labour paints. ?I started my career in the property world as a chartered surveyor in the late 1960s when I witnessed the ending of rental controls, which healed the damage done on the provision of homes and improved the quality of property in London. I therefore note the current climate with a certain degree of anxiety for the home-buying public,? he comments. ?The rental market has changed for the better as a result of some excellent regulation, but there is a delicate balance between regulation and altering the relationship between tenant and landlord. Intervention on rents and security of tenure has in the past damaged both market liquidity and good business values?.

However ? Labour has promised to abolish stamp duty for first time buyers looking at properties up to £300,000 ? a maximum saving of £5,000 ? which would serve to help the sales market remarkably.

?Any proposal that enables the market to perform at all levels is welcome as it helps to create a sustainable and stable environment. As such, helping first-time buyers by removing the cost of stamp duty should have a positive impact on the market,? comments Dominic Agace, Winkworth?s CEO. Read our chart below to see each parties proposed housing policies.

chart_update

Sources: http://www.propertyindustryeye.com/labour-says-student-sharers-are-being-charged-out-of-control-fees/ http://www.propertyindustryeye.com/sales-plummet-by-over-25-in-prime-london-market-amid-election-jitters/ http://www.theguardian.com/politics/2015/may/07/labour-one-point-lead-tories-final-icm-poll

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