Following the announcement of Labour's landslide victory in the general election, winning 411 seats, our Managing Director Jon Scammell shares his thoughts:

"After seeing 16 different housing ministers in 14 years, the UK property sector is poised for Labour’s much hyped sweeping reforms to the planning system and a reintroduction of mandatory local housing targets.

Shares in most of the major housebuilders all rose significantly off the back of this morning’s results.

However, Labour’s promise to build 1.5m new homes in England during the next 5 years would require a level of housebuilding not seen since the 1960’s.

Increasing development on ‘brownfield’ and ‘grey-belt’ land, alongside a series of new towns, their focus is understandably going to be on social and affordable housebuilding, but this should at least start to release some of the affordability issues stifling the ‘bottom’ of the market.

They have also pledged to make the existing Mortgage Guarantee Scheme a permanent fixture to assist first time buyers struggling to save for a deposit.

There will be a lot of work around the private rented sector, abolishing Section 21 ‘no-fault’ evictions, empowering private tenants to challenge unreasonable rent increases and generally improving the quality of housing stock available.

There will also be a longer-term focus on reforming what they call the current “feudal” Leasehold system, it’s unlikely we’ll see the end of Leasehold completely for a considerable time, but Commonhold looks to become much more prevalent, especially on new-builds."