The pensioner in Scotland who put a £30,000 wager on a conservative majority win was one of only a few that saw last Fridays result coming. At odds of 8-1 it shows the bookies got it wrong along with the majority of us, as the smart money appeared to be on a hung parliament. The pensioner is clearly a very happy chap counting his cool £230,000 and good luck to him, but what does it mean for the property market? The general consensus is that it's good news, the £2 million mansion tax on homes is no longer a consideration whilst foreign buyers are expected to surge back into the prime central London property market now that the threat of Labour's non-doms tax has been lifted. "Right to buy will be extended to a further 1.3million families" The majority win will not only help existing property owners and those at the upper end of the market, as long as the government follow through with their policies there will be help for first time buyers as well. The expected extension of the Help to Buy equity loan and mortgage guarantee schemes, along with the introduction of the new Help to Buy Isa, pencilled in for this autumn can only be a good thing. Right to buy will be extended to a further 1.3million families which should help redress the supply and demand balance so on the face of it, there is positive news all round. It remains to be seen whether the new Government will follow through on promises made but the reality is, whatever your allegiance, the unexpected majority win was the best news for the property industry and should see stability underpinned and any uncertainty or lingering doubts removed, at least for the next five years anyway!
