What will be the best General Election result for the UK's mortgage, property and financial services markets?

The worst result would be a hung parliament. The last thing the country or the markets need is uncertainty. However, I think that's very unlikely.

The good news is that Starmer's Labour Party has much more in common with Blair's than Corbyn's. Consequently, the markets should be very relaxed about an incoming Labour government. This is evidenced by the recent record highs in the FTSE, even though it's an odds-on certainty, based on the polls, of a Labour government.

Whilst many clients have traditionally been wary of the traditional tax and spend Labour model, we're already in a high tax environment. And given Starmer's need to appear financially prudent, I don't think we have too much to fear regarding tax rises.

The key concern would be for those with larger pensions, where Labour's proposed reintroduction of the Lifetime Allowance would be extremely unwelcome.

If Labour wins, as current polls suggest, it might not bode well for the economy. Labour has indicated plans to tighten regulations on landlords, potentially making it even tougher for them. Their proposals include regulating private rents and making evictions nearly impossible. Additionally, there's talk of a scheme forcing landlords to offer tenants a buyout option similar to Right to Buy. Such measures could create uncertainty and discourage investment in the property market, impacting the broader financial services sector. As for Labour's ability to manage the economy, confidence remains low given these proposed policies.

This could be a shrewd move by the Conservatives. The economic data is certainly starting to tip in their favour, and the IMF endorsement on Tuesday and inflation getting close to the 2% target almost certainly influenced this timing. Labour hasn't clearly set out its financial policies, so that may trigger a market response, but I would be surprised if there were an adverse reaction to mortgage and swap rates. An election in 2024 has long been priced into the markets, and there is more likely to be a reaction once the result is clear. A hung parliament may be the worst outcome, but it wouldn't surprise me if the Tories or Labour needed to work with the Reform party.

The Conservatives have been as good for the country as too much sugar is to a diabetic. They have caused the housing market to glue up, with home builders sitting on their hands and buyers disappearing. For years, the Tories have been out of ideas on housing, business and the economy. Their tax policy has strangled growth and battered business owners. Labour need to flesh out their policies and quick. A six week campaign is short and they haven’t announced any comprehensive ideas, but they couldn’t be worse than the incumbent.

Labour's best gift, if they win, would be to take housing seriously and make housing a senior post. Until this happens, the storm clouds will continue to hover over the housing market, just as they did Rishi Sunak at the lectern. The one positive is that the General Election being called finally ends speculation.