Talk about a waste of time.
Not only was this an election that no one (except Theresa May) wanted, but as a country we’re now in a worse position than before 8th June. Instead of strong and stable leadership, we’re now faced with uncertainty and instability that will no doubt put the brakes on the economy.
Despite a quick re-appointment of the cabinet (I’m not sure you can call it a re-shuffle), there are still a huge amount of questions that need answering. What deal will the Prime Minister make to stay in power? Which manifesto pledges will be facing the chop? How will a coalition with the DUP affect us? Can the government push through the Queen’s Speech? And, will Theresa May even still be Prime Minister next week?
While the return of a Conservative government provides some continuity, the property market has lost steam during the campaign.
There were some interesting ideas amongst the Conservative election pledges – re-focusing housebuilding outside the South East, allocating more government land for new homes, ambitious targets on new housebuilding etc. But it is hard to say how / if a weakened government will be able to implement these.
As we wait to see how the government will function, let’s remind ourselves that the loss of a majority government wasn’t the only disaster for the property industry.
We’ve also lost a talented housing minister that demonstrated real flare for the role. Gavin Barwell played a crucial role in delivering this year’s housing whitepaper, which signalled real reform in the government’s approach to solving the housing crisis. We must now hope that the government quickly appoints another like-minded individual to restore the momentum that began earlier this year.
There are a lot of negatives to take from this election. But, with a cooling economy and the clock on Brexit counting down, we need the government to get back to work.
Managing Director, Delph Property Group
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