A Conservative party win would see Home Information Packs (HIPs) withdrawn as there is wide agreement amongst property professionals that HIPs have not benefited buyers or sellers, according to Savills Research.

It stated that they have contributed to a lack of fluidity in the market, with sellers unable to test the market without first commissioning, and incurring the cost of, a HIP.

Yolande Barnes, head of residential research at Savills, said: “There have been booms and busts under all administrations and the residential market has nothing to fear from an election per se. However, the success of the winning party’s economic and fiscal policies, and the resulting strength of the economy is, of course, liable to have a significant effect on the residential market.”

The Liberal Democrats would introduce a mansion tax on properties over £2m, so any home worth over £2m would be liable for a 1% levy on the excess value over the £2m threshold, so on a £5m home it would be £30,000.

Lindsay Cuthill, head of Savills south west London, said: “Our view is that any tax banding creates artificial thresholds in the market. This proposal could suppress values around the £2m mark and its effect would be particularly felt in London and the South East. Such a tax would be extremely difficult to implement and the cost of valuing all affected properties (estimated to be around 80,000) would be exorbitant.”