Hung parliament 'would up need for help for first-time buyers'

12-Apr-2010

Even greater levels of help for first-time buyers may be required should the upcoming general election result in a hung parliament, an expert has warned.

Ed Mead, director at Douglas & Gordon, said the political reshuffling created by a split authority would "sow the seeds of uncertainty".

He noted many people are already behaving "like lemmings" by refusing to sell their homes before others do, despite there being a plentiful supply of buyers.

But such activity is insignificant compared with the potential problems caused by a hung parliament - which could make it even harder for first-time buyers to secure a property.

"People just hate uncertainty and a hung parliament is the very definition of uncertainty," he explained.

Meanwhile, Yolande Barnes, head of research at Savills, added a hung parliament would be the "worst outcome" for the housing market.

The general election is due to take place on May 6th.

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