Rearranging the deck chairs and cooling off

If you are worried about the short term consequences for the industry of Boris Johnson’s imminent departure as PM, don’t be! Certainly not in the short term.

We are approaching the parliamentary summer recess where no government business is done until parliament reconvenes at the beginning of September. Add in the upcoming leadership contest to be the next Tory leader and by extension Prime Minister, and any activity that would radically change or influence current housing policy is extremely unlikely. Indeed, the conservative leadership contest could be the best thing on TV this summer, unless you are an avid Love Island fan that is.

There might well be some general strategic initiatives/consultations from Q4 about house building targets and unless abandoned, more detail on Boris’s ‘blue sky’ mortgage market review. Ideas to help those in receipt of housing benefit to have it classed as income and make access to higher LTV mortgages easier, as well as the proposal about generation jumping 50-year mortgages, remain just words on a page.

So rather than focusing on the effect of the departure of a Prime Minister, we need to take our cue from how institutional and private funders react to the international economic issues over which, as one country, we seem politically powerless to influence.

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