Property firms hope for boost from Conservative election win

A Conservative government “galvanised” by a heavy election victory will give a long-term boost to the London property market, industry figures declared on Monday.

The central London property market had a difficult 2016 with prices falling around 6% last year thanks to the Brexit vote and stamp duty rises before bottoming out at the end of 2016, according to property agents JLL.

The firm’s residential expert Adam Challis said: “What we are focused on is the prospect of a galvanised Conservative government and its ability to provide a sentiment boost to the market,” he said.

Telford Homes chief executive Jon Di-Stefano said a strong mandate for Theresa May “has to be a huge positive”. “I don’t think there could be a much clearer cut situation than this unless something fundamental changes in the next few weeks. After that it will make people more confident rather than less,” he added.

Ian Hawksworth, chief executive of Earls Court developer Capital & Counties, added: “I suspect that for every buyer that slows down a purchasing decision there will be another speeding up in anticipation of sterling strengthening if there is a solid Conservative majority.”