Labour has won a landslide victory in the general election, the exit poll announced last night suggests.

Sir Keir Starmer’s party looks set to secure the win with an estimated 410 seats – giving his party an overall majority of 170 – according to the poll by Ipsos UK for BBC/ITV News/Sky News.

This is compared to the Conservatives, who are projected to win just 131 seats, compared to 365 in the 2019 vote.

Industry reaction:

Nathan Emerson, CEO of Propertymark, commented: “Propertymark welcomes wide-ranging engagement with the new Labour Government to help steer an objective pathway forward for the housing sector. We have seen a chronic undersupply of affordable new housing for many years.

“Sustainable housing is the foundation for any strong economy and there must be clear and well thought out plans that inspire investment and improve supply moving forwards. We want to see long-term cross-party cooperation that delivers the right kind of homes in areas they are desperately needed.”

Matt Thompson, head of sales at Chestertons, said: “Labour’s announcement to lower the stamp duty threshold for first-time buyers from £425,000 to £300,000 in April 2025 has left many wondering if the party will introduce any major initiatives that will make it easier to get on the property ladder. Buyers will be looking for Labour to fulfil its pledge to introduce the Freedom to Buy scheme but are concerned that buying a first home continues to be challenging.

“Labour’s plan to increase the already higher stamp duty rate on purchases of residential property by non-UK residents by 1% is unlikely to have a major impact on London’s property market. The capital remains a global city that attracts international professionals and investors who will simply adapt their property search by lowering their budget or by buying in a part of the city where they get more property for their money.”

Nigel Bishop of Recoco Property Search, said: “Labour’s manifesto pledged to improve the UK’s housing market and the party will be under immense pressure to deliver. One promise was to build 1.5 million homes and we are interested to learn more about Labour’s plans to utilise “poor quality” green belt areas as this will likely be met by protests from some local residents and organisations.

“Labour’s pledge to levy VAT on school fees has been labelled one of the party’s more controversial ones. This will leave many parents unable to afford private school education and inevitably impact on the property market by boosting demand for properties in close proximity to good state schools. Properties in these catchment areas can already ask a 20% premium and a politically-caused boost in demand for such homes will create an even more competitive market for buyers.

“In the run-up to the general election we already saw house hunters, who previously paused their activity to observe the political development, resume their search. Now that a party has been elected and economists predict a likely interest rate cut over the coming months, we expect further buyers to follow suit. ”

Jo Davis, Principal and UK Executive Chair, Avison Young, said: “The proposed Planning Reform aims to kickstart housebuilding with the Housing Recovery plan, promising a swift implementation. Balancing residential growth in urban brownfield and grey belt areas whilst creating quality and resilience places with industrial and economic needs is crucial. Last-mile logistics are increasingly vital, yet industrial projects often lose out to housing in urban fringes. Strategic planning is essential, integrating housing with necessary infrastructure like retail, logistics, health and overriding requirement for power to meet modern consumer demands effectively.

“Transport infrastructure is pivotal for supporting growth, but planning delays and power supply challenges hinder industrial development. These delays impact local economies and job creation, underscoring the need for streamlined processes and improved energy strategies, such as enhancing solar use on industrial rooftops, wind farms. Addressing these challenges is vital to ensuring sustainable, balanced development under the new Planning Reform agenda.”

Marc von Grundherr, director of Benham and Reeves, commented: “It’s looking set to be a Labour landslide this election but when it comes to the highest levels of buyer activity across major political strongholds, it’s areas with a Lib Dem majority that are currently home to the most active markets.

“The good news is that regardless of where you are looking to sell a home, market activity is building across the board and has been since the start of the year.

“Once the noise of the election has died down and with the prospect of an interest rate cut on the horizon, we only anticipate that this momentum will strengthen even more throughout the remainder of the year.”

Adam Jennings, head of lettings at Chestertons, noted: “Labour promised to scrap Section 21 ‘no fault’ evictions on day one of the new government which tenants would have seen as one of the party manifesto’s stronger pledges. Especially after the Renters Reform Bill was abandoned when a snap General Election was called, many were left wondering if Section 21 will be scrapped any time soon at all.”

Nick Walkley, principal and UK president, Avison Young, added: “Labour’s housing delivery plan sets out bold targets: 1.5 million new homes, with a focus on 90,000 affordable or social housing units each year. To get land ready for building and boost affordable housing, Labour needs a revamped approach to capturing land value. This calls for collaboration among local authorities and stakeholders.

“Big housing projects take time, even when everyone’s on board. Labour wants to speed things up by streamlining how funding is approved, especially by involving private companies. They also plan to make compulsory purchase orders quicker and easier, so they can start building sooner. It’s a balancing act: Labour wants to solve the housing crisis fast, but large projects come with delays.”