Big changes are afoot in the housing market in the next month so we'd better hold on tight
The next month looks set to be a bumpy ride for the housing market.
In less than a month, if the government holds its nerve, home information packs will be mandatory for all new home purchases.
A House of Lords committee has this week fuelled fears that the controversial proposal will put off many home owners from putting their homes on the market. Conservative housing spokesman Michael Gove has tabled a motion in the House of Commons calling on the government to change its mind.
And tomorrow’s meeting of the Bank of England’s monetary policy committee looks almost certain to hike up interest rates. The UK housing market has so far proved stubbornly immune to three rate rises since last summer, but many believe that the combination of another quarter point and home information packs could combine to end the house price boom.
Added to that, tomorrow night’s election results are likely to see the Conservatives strengthening their grip on local government. While the party’s high command has signed up to greater housing supply, the message is yet to percolate down to grass roots level, which means developers are likely to find it even tougher to get proposals through the planning system in years to come. And then of course, there’s the small matter of the looming vacancy at No 10. Hold on tight!