Over the past five years British home prices have already reached record highs.
Yet critics have tipped a surge of activity in the coming weeks as cautious vendors and buyers, who held off in the run-up to the election, flood into the market.
London is likely to see a sales surge as people who were put off buying, particularly those investors from overseas, now go ahead and make a decision with the possibility of a mansion tax evaporated.
Indeed, according to Edward Heaton, of Heaton and Partners property search agency, prime country house prices could rise by as much as 10 per cent within weeks.
“There will be bun fights in the next few weeks for the best houses which come to the market as confidence in the top-end of the regional market returns,” he said.
Estate agent Savills predicted prices will increase by 19.3 per cent over the next five years across the UK and by 10.4 per cent in London.
House prices in the capital have already increased by 32 per cent since their peak before the crisis, according to the Office for National Statistics.
The election result will bring stability to the markets, according to Michelle van Vuuren, managing director of residential development at Sotheby’s International Realty UK. The firm is already getting calls from would-be international buyers.
“The removal of the uncertainty that has clouded the last year of the coalition will allow developers to plan confidently for the medium term with a consistent economic policy,” she said.
“Having said that, we do hope to see the Tories come good on their annual pledge of 200,000 new homes and freeing up brownfield sites for development.”
Estate agents were reporting calls from buyers at the top end of the property market, as the Conservatives’ shock election win lifted fears of a mansion tax on £2m-plus homes.
Becky Fatemi, managing director of central London agents Rokstone said calls began while the votes were still being counted.
“The first five serious inquiries on properties started to come in just after midnight, and as of 10am this morning I have had over 50 inquiries on London property, via calls and emails,” she said last Friday.