After a night of remarkable election results, it looks likely that much of the residential property industry – which was strongly against many Labour election pledges – can breath a sigh of relief. The exit poll commissioned by broadcasters suggest the Conservatives will win 316 seats and the Liberal Democrats – although much-reduced in strength – would be on 10. If they act in coalition again, that would add up to 326, enough to form a wafer-thin majority. With some of the right-wing Democratic Unionist Party MPs likely to be elected in Northern Ireland, this would give David Cameron a working majority, albeit a small one.
Such a position – if the exit poll turns out to be confirmed on the basis of this morning’s results – would mean there would be no chance of Labour’s policies coming into effect. Labour had previously advocated guaranteeing three year tenancy agreements in the private rental sector and a cap on rent increases, a possible ban on ‘unfair’ agency fees imposed on tenants, and prioritising local first-time buyers for homes on developments.
The Conservatives and their likely supporters may well be introducing the policies outlined by David Cameron in the election campaign:
– the extension of Right to Buy to 1.3m housing association homes in England;