Possible impact on the UK housing market due to the results of the general election is now in speculation mode as many are in a game of wait and see. Many homeowners looking to sell could put a hold on their plans and similarly buyers looking to purchase their next property could do the same, according to housing experts. It is possible there will be no change at all, according to others.

The entire country is now embracing the election results and the possible impact it will cause on the economy and contributing markets. The biggest market to be affected will likely be the housing market which simply does not care for uncertainty of any kind.

Although much of the housing market could be placed in a pause position, the remortgage sector is likely to keep running on all cylinders, according to many close to the market.

Interest rates are at historically low levels and remain a competitive element in lenders offering attractive deals. House owners are seeing deals which offer extremely low interest rates combined with low administration fees. Both of these features make it possible to save money.

Increasing inflation coupled with a low growth rate of income is making it harder for home owners to function with no stress on the family budget. Remortgage makes it possible to save money by adopting a lower monthly mortgage payment and access valuable home equity. All homeowners are searching for a way to save money and remortgage could be the perfect answer.

Alex Gosling, CEO of HouseSimple.com, commented on the election results, saying: “The last thing the housing market needed right now, with house growth slowing, was a hung parliament, and that’s exactly what it’s got.

“We are now faced with more political uncertainty and that could feed through to buyer and seller confidence. We could see buyers holding off making a purchasing decision until the political landscape is clearer.”