A General Election – Who Cares?

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Summer is coming, so it’s time to head to the polling station: hurrah! It’s our third opportunity in three years to have a real say in the future of our nation – how lucky we are.

This time, though, it’s different. While it’ll doubtless be as exciting as every other election campaign with all the political parties offering us free cake if we vote for them, there is one issue that 2017’s election will most certainly not be about: property.

Normal procedure upon the calling of a General Election is for instant panic to set in around the property market, driven by newspaper scaremongering and the uncertainty of who may come to power. Well, whether or not you’re a fan of the current Government, there seems to be little doubt over who’ll be first past the post on June 8th.

In theory, that would signal a gold rush. For as long as we can remember, the story around property and politics has effectively been Conservative good, Labour bad. If you’re at all commercially minded or have aspirations in the property area – whether as landlord or homeowner – then the Conservative party will look after you and Labour will not.

Today, that story looks somewhat different.

Thousands of landlords have been thrust into a higher tax bracket this month by no longer being allowed to claim mortgage interest payments as an expense. That has shed doubt on whether many may continue as landlords, shedding further doubt on whether their tenants will keep their homes.

Homeowners, too, have felt the impact of considerable changes to the Stamp Duty system which have slaughtered the top end of the market: many people have chosen to stay put, heavily reducing the number of transactions (along with the income to the Treasury) and further restricting the supply chain causing yet more affordability problems. If you do move, spending £2million in London – not a lot these days – means getting a Stamp Duty bill not far off the cost of buying a one bedroom flat.

So the old accepted tale of Blue vs Red is, for this General Election as least, obsolete: if you want to buy a home or be a landlord, politics is no longer a factor. And perhaps, as a general state of affairs, that’s a good thing. Why take a deep intake of breath and wait it out, when the supposed benefit of one party over the other has disappeared?

So while we can look forward to a campaign centred on Brexit, nuclear button pushing and media headlines of “Who do you want? Countess Dracula, or Chairman Mau?”, we can at least rest easy in the knowledge that nobody is going to do anything for the property market.

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