Following Rishi Sunak’s announcement of a General Election on 4 July, Newspage asked practising experts in those sectors what would be the best result for the UK’s property, mortgage and financial services markets, and why — and how confident they would be in Labour’s ability to manage the economy if they win?
Justin Moy, managing director at EHF Mortgages said, “This could be a shrewd move by the Conservatives.
“The economic data is certainly starting to tip in their favour, and the IMF endorsement on Tuesday and inflation getting close to the 2% target almost certainly influenced this timing.
“Labour hasn’t clearly set out its financial policies, so that may trigger a market response, but I would be surprised if there were an adverse reaction to mortgage and swap rates.
“An election in 2024 has long been priced into the markets, and there is more likely to be a reaction once the result is clear. A hung parliament may be the worst outcome, but it wouldn’t surprise me if the Tories or Labour needed to work with the Reform party.”
Samuel Mather-Holgate, independent financial advisor at Mather and Murray Financial said, “The Conservatives have been as good for the country as too much sugar is to a diabetic.
“They have caused the housing market to glue up, with home builders sitting on their hands and buyers disappearing.
“For years, the Tories have been out of ideas on housing, business and the economy.
“Their tax policy has strangled growth and battered business owners. Labour need to flesh out their policies and quick. A six week campaign is short and they haven’t announced any comprehensive ideas, but they couldn’t be worse than the incumbent.”
Michelle Lawson, director at Lawson Financial said, “Labour’s best gift, if they win, would be to take housing seriously and make housing a senior post.
“Until this happens, the storm clouds will continue to hover over the housing market, just as they did Rishi Sunak at the lectern. The one positive is that the General Election being called finally ends speculation.”
Ben Perks managind director at Orchard Financial Advisers said, “I met Rachel Reeves at the 2023 Labour Summit and I can vouch for her passion to improve the economy.
“She is acutely aware of the problems facing mortgage borrowers and is engaging with those on the ground to better her understanding. Her intentions seem pure.
“Will Labour swoop in and save the country? Probably not. We’ll see how they react over the coming days to Rishi’s shotgun election.
“We need clear and concise policy and not just a slanging match like we’ve seen in recent campaigns.”
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