The Conservatives’ return to power, this time free from the supposed constrictions of coalition government has generally been given a positive reception in the property sector.

However, industry leaders are warning ministers to carfeully assess what the country needs and to look to its future.

JLL’s UK CEO Guy Grainger said: “A continued focus on fiscal prudence and deficit reduction will ensure support for the investment market, the housing market and the wider economy.

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“However, the real challenge for the next government is to focus on medium-term measures to improve productivity, which has lagged behind countries such as the US, Germany and France, despite our remarkable rates of job creation.

“This will need to include further investment in infrastructure and skills.

“Continuity of main policy objectives for the past five years will be very helpful for investors and developers in the housing market.

“Residential markets will benefit from a legacy of supportive policy and we expect them to continue to grow in line with stronger economic prospects, particularly in the regional cities and the South East.

“The clear plan to improve supply through National Planning Policy Framework changes, which will be upheld for another five years – nevertheless will be a real need to introduce measures to ensure more housing gets built.

“The dearth of supply in the UK is not just a social problem – it is an economic one and it is sure to intensify over five years.

“Employers are increasingly concerned about the ability of their younger staff to find homes within commutable distance of work.”

The firm’s head of residential research Adam Challis, added: “The result is good news for the housing market, particularly in London.

“We expect an immediate boost to the Capital, where Labour policy ideas were acting as a drag on activity. Price growth this year should hold at circa 5-6%.

“The real job is to set out a clear plan to boost new home supply.

“A stronger housebuilding sector is the only way to solve the UK’s housing crisis, while also adding construction jobs.

“Continuity of housing policy will strengthen the chances that the UK will make strides to solve the housing crisis. This election result is a win for struggling renters, aspirant first-time buyers and even the bank of mum and dad.”