Conservatives would have no impact on UK housing market

A further 35% of clients who responded thought a change in government would be a positive influence while 10% thought the impact of a Conservative government would be negative.

The survey also reveals that the lack of mortgage products is the main reason why so many homeowners are not remortgaging. Many homeowners are stuck on their lender’s standard variable rate (SVR) as a result of tough lending criteria and limited equity in their homes.

Melanie Bien, director of Savills Private Finance, said: "Even though the main political parties have been busy setting out their stalls regarding their plans for the housing market, homeowners feel that it will make little difference which party wins the general election. The majority of our clients believe that last year’s rise in house prices is unsustainable and that a change in government will not result in more choice of mortgage products.

"The big problem facing borrowers is lenders’ stingy approach to maximum loan-to-values (LTVs). Many lenders say they will lend to those with a 10% deposit but the actual average LTV is often less than 60%. Underwriting standards are also extremely strict – too much for many borrowers. It would be fair to say that the state-owned banks in particular are not standing by their lending promises although they blame lack of consumer demand.

"Many borrowers are sat on their lender’s SVR simply because they have nowhere to go. Many have very little equity in their homes so can’t remortgage to a new fixed or discounted deal. And with lenders starting to raise their SVRs, even though there has been no movement in interest rates, many are finding themselves caught between a rock and a hard place."

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