When Theresa May called a general election back in May, most people thought that it wouldn’t change much. After all, the Conservatives were well ahead in the polls, and an increased majority for them seemed certain. However, things didn’t quite turn out that way, as you’re doubtless aware. We’re now in a situation where the ruling government doesn’t have a majority in the House of Commons, and the country seems more divided than ever.

So what does all this mean for the property market? We’ve already been through some pretty turbulent times in the last year or so due to the Brexit vote, and it doesn’t look like this election result will make things any better. The housing market depends on certainty in order to grow, since buyers and sellers alike need assurance that their investments are secure.

What’s unfortunate about the timing of this election result is that is comes just as we head into the summer, which is usually peak period for property sales. Political uncertainty usually results in a complete halt to the property market, since people don’t want to buy a house if the price could potentially go down in the near future, and sellers hope to secure a higher price once the trouble has died down.

Recent months have already seen a slowdown in house growth, as there is a wider political malaise surrounding Brexit. No one seems to be clear on just what sort of relationship Britain will have with the rest of the EU once negotiations are complete, and Theresa May’s threats of a potential “no deal” certainly haven’t helped to reassure investors and property buyers. While the property market is still improving, and is in a much stronger position than it was at the last general election, a slowdown in growth is still an annoyance for those involved in property.

Every cloud has a silver lining, though, and while the election result might have a short-term effect on house prices, it’s unlikely to have much of a long-term effect. Once this initial period of instability has died down, and life gets back to normal again, then the economic consequences of the election, including those on the property market, will almost certainly disappear. With the Conservatives having secured the support they need from Northern Ireland’s Democratic Unionist Party to hold a majority in parliament, it looks like everything will settle down within a couple of months at most.

So, those thinking of dipping their toes into the property market might want to hold off for a little while yet, but the impact of the election on property is likely to be far less severe than some scaremongers were suggesting. It will take some time for things to get back to normal, but it won’t be too long before the property market gets back on the road to more profitable times. By the end of the summer, the aftershocks of this election will be over- and buyers and sellers alike will be assured of a more stable and profitable market.