Looking for reaction from the housing market to Starmer's resignation.

While many people seem to be very pleased Sir Keir has gone, there is no doubt that it does mean more instability to the UK economy. Sterling has remained relatively strong against the euro over the past few months despite the challenge to his leadership, but there are now serious risks to sterling exchange rates. Mortgage rates have been coming down for weeks, but these price reductions could slow down. There are no guarantees that a new prime minister will do a better job.

Whoever eventually takes residence at Number 10 will probably have limited impact on housing. The eyes need to be on who will take Number 11, as the Chancellor will have the greatest say in the housing market from this point on. The uncertainty over the next few months may result in fluctuating mortgage rates and markets generally, until the new tenants of Downing Street set their direction. Confidence will lower rates and drive homebuilding, otherwise we will be in a political mess once again.

If Burnham comes in and sets out a timetable for stamp duty reformation, then the housing market may be reignited. Without this, he carries a greater risk that a negative bond market reaction could impact mortgage pricing.

A change of Prime Minister grabs the headlines, but it doesn't change anyone's monthly mortgage payment overnight. What actually moves rates is whether the markets stay calm during the handover, and the early signs are that everyone in the running has learned the lesson of 2022 and won't go near an unfunded budget that spooks lenders.

The base rate held at 3.75% last week and fixed deals have been slowly edging down, so an orderly transition should keep that gentle downward path on track. My advice to anyone buying or remortgaging is don't sit on your hands waiting for political certainty, because it almost never arrives, line your deal up now and you can usually switch if something better lands before you complete.

Starmer’s resignation is a thunderclap for the housing market. Buyers hate uncertainty, lenders hate uncertainty, and the mortgage market really hates politicians playing pass-the-parcel with the economy. The immediate risk is not a house price crash, but a fresh jolt to confidence just when many buyers were already stretched to breaking point. If markets start to fear more government spending, higher borrowing or a Treasury lead by Ed Milliband, swap rates could twitch upwards and mortgage deals may get pricier. For homeowners, this is the nightmare rerun- Westminster drama turning into higher monthly payments. The housing market needs calm, not another political own goal.

Starmer’s resignation will not change house prices or mortgage rates overnight, but it adds uncertainty to a market that already hates surprises.

Buyers are not just buying bricks and mortar. They are buying based on confidence in their job, tax bill, mortgage payment and whether the rules will change again in six months. A leadership contest puts housing targets, planning reform, landlord policy, stamp duty and public borrowing back into question. That can make people pause.

The immediate risk is not a housing crash. It is hesitation. Buyers may delay, sellers may become less ambitious on price, and lenders may be more cautious if political uncertainty pushes gilt yields or swap rates up.

The opportunity is that a new leader could reset housing policy properly: build more homes, speed up planning and stop using buyers and landlords as easy tax targets. But until there is a clear plan, political drama is not good for the property market. It needs certainty, not another waiting room.