Estate agents were reporting calls from buyers at the top end of the property market, as the Conservatives’ shock election majority win lifted fears of a mansion tax on £2m-plus homes.

“At the top end – for the next fiveyears at least – a cessation of the clamour for a mansion tax will see a numberof transactions that have stalled to come back on line as certitude creeps backinto the market.” 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.

“Of the 50 or so inquiries we have had,around 50% are from UK buyers, the balance from overseas purchasers, of these most are from the Middle East and Asia.” Fatemi said she had received an offer from a Saudi family on a £2.5m apartment in St John’s Wood which had been on the market for the last eight months.  She added that buyers who had already agreed sales were trying to rush them through in case sellers put the price up.“We have already had this morning exchanges on over £26m worth of property,which I anticipate will rise to well over £30m by the close of the day.”

Henry Pryor, a buying agent for wealthy clients, said he had been contacted on Friday morning by prospective buyers.  “I’ve had two emails already from clients confirm instructions to ‘kick on’. One looking for a flat in Chelsea for around £5m, the other a house in central London between £10m and £15m.”  At the South Kensington office of Winkworth, three offers had been made today as a result of the election, two on properties costing over £2m.

At the lower end of the market in East London where house prices range between £250,000- £750,000 there has also been a confidence increase.  Bradley Baylis from our Stratford branch here at Victor Michael said "We have seen an increase in people selling their properties in the area"

Uncertainty over tax and incentives from homebuyers had caused a slowdown in activity since the start of the year, and the prospect of a mansion tax on homes costing £2m or more if Labour got in topower had stalled sales at the top end of the market. 

Agents said the Conservative victory brought certainty over economic policy, which would have an impact on all parts of the market.

“Crucially we think there is likely tobe a 10-year cross party consensus – as there was between 1997-2008 – thatseeks to encourage wealth creation, foreign inward investment, tight publicspending and lower taxes. 

“It is in prime markets outside London where we expectto see the greatest value increase,” said Savills UK head of residential research, Lucian Cook.  “Improvements in the London market are likely to be sufficient to trigger a renewed ripple effect into the markets beyond the capital, as those relocating from London find it easier to sell their existing home and take advantage of the price differentials with the rest of thecountry.  In the mainstream market Cook said he expected activity“to pick up a little momentum over the short term”, as a result of greatercertainty over economic policy.