7th May 2015. For those who want to have a say in who runs the country, this is a big day. The forthcoming general election has been headline news for the past month. In terms of the property market, it has caused a certain level of uncertainty, yet most people don't know why.
As a Local Property Expert
we can see the different elements of how government policy can influence the property market:
JOBS – In towns like Bracknell and Farnborough, large amounts of money and incentives have been spent on creating more jobs. In Bracknell, Waitrose is now the largest single employer in Berkshire. In Farnborough, there is a thriving technology and aerospace industry based around the airport. BMW have now also relocated there to the former Nokia headquarters. With an increase in employment, comes an increase in demand for local properties.
EDUCATION – During the years of economic downturn, many parents who would have usually sent their children to private schools have now looked at OFSTED reports and realised that there are equivalent levels of education for free within state schools. Unwittingly, we have created an American style property / school dynamic where if you live in an expensive area you can almost guarantee a top level free education. Gordons School in West End has now restricted its catchment area to within 500m of its school gates. In Ascot, most would assume the housing market to be dominated by large multi-million pound mansions. The reality is that Charters School fuels the high prices. If government spends money on your local school, your house price should rise.
TRANSPORT – Living in the South East, a large proportion of the working population commutes to work, with London as the main hub. If we are spending 240 days of the year travelling to and from work, we want to make it a quick journey. The highest paid jobs tend to be in the City and Canary Wharf and this has been reflected in the choice of where people choose to live. Property markets to the North East of London into Essex and South East of London into Kent have benefited from City money. Cross Rail and HS2 will undoubtedly affect the areas where there are stations. Maidenhead has already seen a boom of prospective buyers looking to reap the benefits of Cross Rail.
HEALTH - Living in Camberley, I have taken for granted the excellent levels of service of Frimley Park Hospital. It's not until you hear the horror stories of certain hospital trusts that you realise that where you live from a health perspective is a highly important factor. Families who are planning to have children now take hospital catchments into consideration. Government health policies don't necessarily affect house prices but can have consequences on your well-being.
This is just brief overview of how your vote can influence your local environment. Think long and hard on 7th May, as this may affect your property.
- 29 April 2015