Sir Keir Starmer resigns – what legacy does he leave behind?
The resignation of Sir Keir Starmer, our 6th Prime Minister since the fateful Brexit vote 10 years ago, marks another potentially transformative moment in British politics and raises questions about the future direction of the country.
From a property market perspective, Starmer’s government leaves behind a mixed legacy. On one hand, it placed housing delivery at the centre of government policy. Planning reforms were introduced with the aim of accelerating development, reducing delays and increasing housing supply, while ambitious housebuilding targets were backed by substantial investment commitments. The government also recently announced plans to modernise the home buying process, with the intention of reducing transaction delays and the number of failed sales. It remains to be seen if planned legislation survives the new Prime Minister’s attention.
Prickett and Ellis experts weigh in
For tenants, the biggest change was undoubtedly the Renters’ Rights Act, which abolished Section 21 “no-fault” evictions and introduced extensive new protections across the private rented sector. Supporters argue these measures provide greater security and professionalism within the sector. Critics contend that increased regulation risks discouraging investment by private landlords and reducing rental supply. Our lettings expert, Cheryl commented: “The Renter’s Rights Act has already caused a significant shift for both renters and tenants in nearly two months it has been in affect, and we will be keeping close attention to see how it continues to change the lettings market as leadership changes. Watch this space.“
The government also pursued further leasehold reform and sought to make commonhold ownership more widespread, continuing a trend towards greater consumer protection within the housing market. Philip Ellis, director of Prickett & Ellis Surveyors says, “We have been waiting for the statutory instruments of the “Leasehold and Freehold Reform Act 2024”, passed at the end of the 16 years of the Tory period to be enacted, but leaseholders and freeholders are still uncertain of when and if remaining changes will be made. “The Commonhold and Leasehold Reform Bill” introduced this year aims to resolve many of those concerns, but again we are somewhat in the dark on timetables and contents, and so a state of uncertainty prevails. More disruption at the upper echelons of government isn’t going to help that”.
How will this affect the property market?
Whether Starmer’s departure is good news for the property market depends largely on what follows. Developers may hope for a continuation of planning reform and housebuilding initiatives. Landlords may welcome the possibility of a government more sympathetic to investment in the private rented sector. Buyers and sellers will be looking for stability, certainty and policies that encourage transactions rather than create additional complexity.
Ultimately, markets tend to value predictability above politics. The key question is whether his successor can provide a clear and consistent housing strategy that provides clarity and supports confidence across the entire property sector.
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