She added that, while she had initially opposed an early election, it was “the only way to guarantee certainty and security for years ahead.”

MPs will vote on a motion for the early election tomorrow, and two-thirds will need to back it for the election to go ahead.

Early reaction from the property industry has welcomed the potential for a clear government mandate to deliver Brexit, but warned that the election could cause a short-term delay in market activity.

Walter Boettcher, chief economist, Colliers International: “With the calling of a snap general election, a new date has been entered into the European calendar of uncertainty. However, the long-term benefits of a clear governmental mandate to investors and occupiers will far outweigh the short-term hiatus in decision making that is likely to follow this announcement. Solid deals, already in progress, are likely to progress. New deals may slow between now and the election. Will the government receive the mandate that it plans? Given recent events, all bets are off.”

Lewis Johnston, parliamentary and public affairs manager, RICS: “Whilst Theresa May’s stated intention this morning was to provide greater clarity and stability by calling a general election, in the immediate term the move inevitably puts a question mark over policy and creates further uncertainty across the built environment. It is now the responsibility of all parties to set out clear policy proposals across land, property, construction and infrastructure to ensure the UK can deliver the homes, infrastructure, factories, offices and major building projects it needs to thrive.”

Ed Cooke, chief executive, Revo: “The retail and property markets have been clearly impacted by political and economic uncertainty since last June, and generally speaking stable political systems benefit long term business decisions. The focus, rightly, will be on how a general election impacts the UK’s negotiations to leave the EU - but it should not be overlooked that already in 2017 we have seen the government outline flagship policies to repair the UK’s housing market and stimulate growth through its industrial strategy. Irrespective of the general election result we hope the momentum to implement these policies, which have place-making and community investment at their heart, continues apace after June.”

Richard Garner, head of the commercial and capital markets agency, Daniel Watney:“We cautiously welcome today’s announcement by the prime minister that she intends to call a general election. A snap election creates the opportunity to remove the uncertainty we face in years of negotiations with the EU and the government’s narrow parliamentary majority. Any chance to provide greater certainty at a time when investors are uncertain of the consequences of Brexit can only be positive for the London office market.”

David Smith, RLA policy director: “As the campaign progresses, this election needs to put housing first. Over recent years, the private rental market has been hit by tax hikes, benefit cuts and growing regulations all of which are making it more difficult for tenants to access and afford a place to live. The same changes have made it harder for good landlords to provide the quality accommodation that tenants have a right to expect and have discouraged further investment in new homes. We need a housing market that works for all.”

Source @PropertyWeek