Just Mortgages comments on General Election announcement

23 May 2024

Following the announcement by the Prime Minister that he will call a general election on Thursday, July 4th, we have a comment from national brokerage Just Mortgages.

Just Mortgages is one of the largest mortgage brokers in the UK, with more than 650 advisers working across both employed and self-employed divisions. It is part of Spicerhaart, the UK’s largest independent estate agency and property services group.

John Phillips, CEO of Spicerhaart and Just Mortgages, said: “While the Prime Minister and his government are clearly using the positive news on inflation as their moment to move, it still feels somewhat like turkeys voting for Christmas – especially if polling figures and general sentiment is anything to go by.

“Nevertheless, now we finally have a date, it will be interesting to see how the main parties ramp up their campaigns – and how housing and mortgages will fit into their plans. This is especially true for Labour and Kier Starmer who set out their ‘first six steps’, which did not include a plan for housing.

“Both play a critical role in the wider economy and remain carefully balanced amid improving consumer confidence. While market conditions have improved, it’s still far from plain sailing for many borrowers. We certainly need to see some concrete plans on how they plan to answer the clear affordability challenges that remain in the market, as well as the persistent undersupply of housing. An action plan is also needed to encourage landlords to remain in the market to support the millions of households that rely on the private rental sector.

“With real pressures on affordability, it would be fantastic to see a return of scheme such as Help to Buy or something similar that includes second-hand homes. Given that it is proving to be the main way buyers are getting onto the property ladder in the current climate, it would be great to see more support given to the likes of Shared Ownership and other low deposit schemes.”