Jackson-Stops comments on the UK General Election

Nick Leeming, Chairman of Jackson-Stops, comments on Labour’s landslide result at the UK General Election 2024.

“A Labour victory may have been long expected but today’s confirmation of just how much the political pendulum has swung to the left marks a change of direction for the UK.

“While a new Government is now certain, much is still unknown about how much of Labour’s manifesto they will be able to implement, and how quickly.

“Optimism for some about the future is supported by our recent research which found that nearly a third of respondents believe a Labour Government will make home ownership more accessible.

“Significant policy changes have been lauded when it comes to the property market, particularly around housebuilding and making home ownership more affordable.

“Labour has pledged to build 1.5 million new homes within five years which would be the biggest boost to affordable housing in a generation by building on the grey belt and creating new towns.

“Our research also found that over a fifth believe building on brownfield land and low quality grey belt land would offer the biggest improvement to the housing market.

“But such an ambitious target will take significant time, resource and support to achieve, the property industry will be looking for further clarity but also the opportunity to engage with the government to bring Labour’s policies to fruition in a sustainable and effective way.

“For buyers and sellers in the short term the market is likely to remain on the same trajectory as the first half of 2024, the knowledge that a change of government was coming has avoided a cliff edge or need for immediate changes to be made.

“The property market can also take comfort in its resilience, having navigated changing Governments and policy changes time and time again.”

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