The votes have been cast and the dust has settled on an unnecessary snap election. And just like the Brexit referendum it had an unpleasant and unexpected sting for the Prime Minister.
The Conservatives have emerged bruised, but still the largest party, Labour and Jeremy Corbyn surprisingly resurgent, the Scottish Nationalists battered from all sides, the Lib Dems flat-lining and UKIP defunct.
Instead of bolstering her majority and authority, Theresa May now finds herself with no majority at all, and reliant on Northern Ireland – namely to the demands of the 10 Democratic Unionist MPs, and perennial absence of the 7 Sinn Fein MPs.
The already complex Brexit process is now a lot more difficult, and any hope of a resolution to the stalemate in Stormont’s devolved administration looks remote.
The Conservatives look set to continue in government, and Theresa May as Prime Minister for the time being at least, but face a much more difficult time in trying to force through Brexit legislation, finance, and welfare measures.
This will clearly have a knock-on effect on other legislation, as priorities compete for diminishing time in the parliamentary schedule.
Having already seen the demise of the housing minister at the polls, it could also mean the end for a raft of housing proposals.
The housing white paper, launched in February, was met with a sense of disappointment and could be an early casualty. A number of its limited aims might be met through secondary legislation, avoiding the need to clog up the floor of the Commons.
This could be welcome news for the PRS. While there was little new in the white paper affecting private renting, a fresh bill would be an open door for Labour amendments pushing for further regulation.
With no majority, a Conservative housing minister might have been tempted to compromise on key areas such as mandatory longer term tenancies, relaxing restrictions on local licensing, or an acceleration of the banning of agent fees charged to tenants.
The sector also faces uncertainty over the implementation of the minimum energy efficiency standards due to take effect next April, and the extension of mandatory licensing of HMOs and minimum room sizes.
In terms of investment, rather than resolving some of the uncertainty created by calling a snap election, the result may simply add to it. We’ve already seen the housing market stall following a combination of tax raids and Brexit, and steps may need to be taken to kickstart the market. Traditionally, a relaxation of SDLT has been a favourite tool in the past.
The Queen’s Speech in ten days time will give an early indication of what might need to be sacrificed as a result of a gamble that has backfired spectacularly.
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