Rent controls and mansion tax off the agenda as Tories win

The prospect of rent controls and mansion tax receded this morning as general election results continue to come in with David Cameron on his way back to Downing Street.

Shares in estate agency firms shot up this morning, with Savills leading the pack along with Foxtons, followed by Countrywide and Rightmove.

Estate agents have been quick to express their relief at what many see as salvation for the housing market, during an extraordinary day in which Labour, UKIP and the Lib Dem leaders all resigned.

Sotheby’s International Realty UK managing director Michelle van Vuuren said: “We are already taking calls from international buyers who want to get back into the market.”

Nick Leeming, chairman of Jackson-Stops & Staff, said: “London is open for business again we expect the wider markets to respond accordingly.”

Lee Watts, managing director at KFH, said: “The result of the general Eeection is extremely positive, both for the management of our country and also the property market.  We expect to see a surge in activity over the next few weeks as confidence returns to both the sales and lettings markets.”

Buying agent Charlie Ellingworth said:  “This election result is an unambiguously positive result for the housing market.”

But he added: “It is also to be hoped that the Tories somehow manage to kick the insane Right to Buy election pledge into the long grass where it deserves to stay.”

The Liberal Democrats have been all but wiped out with leader Nick Clegg set to announce his own future later this morning.

Labour, which set out its stall as wanting to control the housing market with a mansion tax, rent controls, the abolition of letting agent fees and longer tenancies, has also lost seats with the most high profile casualty being Ed Balls – the man who had hoped to be Britain’s next Chancellor. UKIP leader Nigel Farage failed to win a seat and has said he will step down. The  Tories will form the next Government with an outright overall majority.

In Scotland, the SNPs chalked up huge victories – underlining its strength in the Scottish Parliament where, under devolved powers, the Scottish Government is set to introduce major controls on the private rented sector.

In the Yorkshire constituency of Thirsk and Malton, estate agent Kevin Hollinrake stormed to victory as Tory MP. The Hunters chairman polled 27,545 votes, achieving a majority of 19,456, a 52.6% share.

Analysts are also saying that the election results so far are positive for the housing market and should restore confidence among house buyers.

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10 Comments

  1. JWVW

    The electorate sniffed a red rat – and dispatched him. There will be thousands of very relieved Estate Agents in the South East this morning. Sore heads this evening.

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    1. mc1

      What makes you think there will be thousands of relieved (heartless tw*ts) estate agents in the South East?

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      1. seenitall

        because there err will be.   I wager that in the North, East and West of the UK there will also be relieved agents.

        Are you a Shelter/Labour tw*t?

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        1. Robert May

          There is no need to sttop down quite so far. It is fairly obvious Shelter have overstepped their remit as a charity, their lobbying  seems to have gone a bit too far.

          Instead of trading insults a quick email to the charities commission seems in order, it is their job to control charities even ones so politically well connected.   (Ed Miliband’s resignation suggests ‘previously’ ought to be in that sentence)

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  2. ElTel

    It was Red Ed’s  Question Time debacle wot did it!  A huge sigh of relief from property professionals everywhere methinks.

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  3. Robert May

    Well I think it offers an excellent opportunity  to extract Housing from the uncertainty of political change. The issues of the mid sector housing haven’t gone away because of the election result so whoever ends up in DWP, CLG and Housing can expect me  to carry on fighting to have  housing and homes protected from the influence of self motivated lobbyists.

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  4. TheLondonAgent

    Government needs to consult with Agents before and property professionals before making decisions.   A sigh of relief for our industry and all the hard working families in England

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    1. wilko

      Agreed, a real relief…..at least south of the border. Still a bit worrying for Scottish agents.

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      1. Robert May

        I was fairly anxious about a  Campbell Robb win and the devastation it would bring to the industry. With Kevin as minister for housing ( REALLY BIG PLUG AND SUGGESTION  Mr. Cameron!!!!)there is real opportunity to shape a sustainable and equitable process for homing the nation and its visitors.
        Such a system already worked out and tested will easily send a intelligent lifeline North of the border  such that even Mrs. Nesbitt  would find it hard to find fault.

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  5. My Place in Cornwall

    Very much relieved down here in Cornwall.  Completely agree with the London Agent that we as Agents should be consulted as the knock-on effects of what was being proposed could have been devastating for working people, Mr M!

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