SNAP SUMMER ELECTION: WHAT IT MEANS FOR HOMEOWNERS AND THE HOUSING MARKET

Prime Minister Rishi Sunak has announced a General Election for July 4th, sparking widespread speculation about the potential impacts on various sectors, including the housing market.

Here, our Founding Partner at PCS Legal, Stuart Forsdike, offers insights into what this election could mean for homeowners and the conveyancing process:

“The upcoming General Election will undoubtedly bring the housing market, and hopefully the conveyancing process, to the forefront of the political agenda. Many are hopeful that this will lead to a cut in stamp duty, alleviating some of the financial burden of moving and helping to stimulate market activity.

However, the issues facing the housing market go beyond just stamp duty. The entire moving process is currently so fragmented and stressful that it acts as a significant deterrent to potential movers. The complexity and inefficiency of the conveyancing process alone contributes to this stress and is in need of reform.

A complete overhaul to make the moving process more fluid and straightforward should be a priority on the agenda of all political parties. High costs and cumbersome procedures are major barriers to mobility in the housing market. Addressing these issues by simplifying and making the process more transparent could lead to increased activity and satisfaction among homeowners and buyers alike, ultimately benefiting the wider economy.”

Rishi Sunak, yesterday afternoon, announcing the General Election for 4th July