Will a new PM be able to jumpstart the property market?

If economic uncertainty and global conflict wasn’t enough for the market, the resignation of the Prime Minister last month is sure to leave many real estate professionals and their clients feeling unsure of what is to come, writes Andy Thompson of BTG Eddisons.

At present the market is almost at a standstill. The recent Zoopla House Price Index for June 2026 revealed the – perhaps not surprising yet still stark – figure that three-in-five homes listed in January are still on the market, while sales agreed were 7% lower in June that the previous month.

The Bank of England’s Mortgage Approvals figure tells a similar story. The May 2026 data revealed approvals were at their lowest since the end of 2023, falling 14.9% compared to April as homebuyers continued to hold back with war-related and interest rate uncertainty.

There is going to be an immense pressure from all sides on the next leader and cabinet to breathe new life into the property market. Central to this of course will be implementing everything possible within their control to reduce the cost of borrowing so transactions begin to pick up. As momentum gathers and demand improves, this will help the housebuilders and developers to have confidence in starting and completing projects, particularly if their costs can be brought back under control.

For those of us in the real estate industry, this short-term light at the end of the tunnel is an important factor. However, we also know that there are several other significant steps to be taken to not only get the property market back on track, but also build resilience in the long-term to maintain sustainable growth.

The recent government Home Buying and Selling Reform Roadmap summarised key action points for streamlining and improving the purchasing process over the coming years. The question now is ‘will the next Prime Minister pick up the baton and take this forward as part of the wider strategy to improve the property market’?

The roadmap announcement cited the figure of one-in-three private treaty transactions falling through, which we have seen in reports across the year as placing a financial and emotional burden on buyers. The proposed steps towards prioritising transparency, data, security of sale and qualifications in private treaty sales to tackle this are positive ones. And we can say this with conviction because the measures proposed have been a central part of auctions for decades.

For instance, we know that providing upfront information about the property drives seller commitment and buyer confidence. The proposed sales packs are much like legal packs that have been a successful part of auctions for years. They make sure any less-committed sellers are filtered out, leaving those who are willing to invest time and money into putting them together and therefore have more intention to sell are in the market.

On the side of buyers, this additional transparency and detail also help in the decision-making process as those armed with more information upfront are less likely to be deterred by issues later down the line. AI tools such as Docuwise, which provide potential bidders with summaries of legal packs, also help to support this understanding and commitment, which could also be a facet of introducing sales packs in the future.

Another important aspect of the proposed roadmap is around mandating qualifications and best practice for real estate professionals. Across the market we have seen reports, including recent data from the Property Ombudsman about dissatisfaction with auctions, of how disillusioned buyers are in the process. A lot of this is down to them not being supported in understanding how everything works, and that leaves agents in the firing line when things go amiss.

Developing a deeper understanding of real estate through qualifications will equip agents and other real estate professionals with the knowledge and tools to provide the advice to clients. Instilling best practice into the sector will also mean the new talent that the government is aiming to attract to the industry will be able to carry this forward to the benefit of the industry into the future.

It all comes down to trust. The uncertainty in the market has disillusioned homebuyers and sellers, dampened confidence of builders and developers, and left the property professionals working across the sector facing serious challenges. Taking steps to rebuild the trust in the property market will have a positive knock-on effect and help to drive momentum as we set our collective sights on recovery.

For more information on BTG Eddisons, visit www.eddisons.com and to find out more about BTG Eddisons Property Auctions, visit www.btgeddisonspropertyauctions.com

• Andy Thompson is the national auctions director at BTG Eddisons