<p>The industry has been expressing its hopes for stability under Rishi Sunak, who will become the UK’s next prime minister after being declared winner of the Conservative party leadership contest.</p> <p>Lawrence Bowles, director of research at Savills, said: “The uncertainty of the last few months has had a material impact on gilt rates: the rate at which the UK government can borrow. In turn, this impacts the cost of borrowing for the rest of us. It affects mortgage rates for home buyers, development debt costs for housebuilders, and refinancing costs for property investors.</p> <p> “Anything that helps bring certainty and confidence back to the market is likely to reduce borrowing costs. That, in turn, will reduce affordability pressure for households securing mortgage finance, for housebuilders starting on new sites, and for investors buying and operating homes for rent.” </p> <p>Melanie Leech, ceo of the British Property Federation, called upon the new PM to swiftly confirm his leadership team “and provide clarity on their strategy for stabilising the economy and their policy priorities”. </p> <p>She added that the industry stood ready to work with Sunak to create “a thriving economy and addressing regional inequalities through the delivery of new homes, work …