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Unexpected positivity in property market following Election

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When the General Election was called in May, possible uncertainty in the housing market was forecast once again, similar to a year ago in light of the EU referendum.  Recent research however, and figures from local law firm Warner Goodman, has shown that this has not been the case, and the property market continues to grow apace.  Sarah Brooks, Residential Property Partner at Warner Goodman, reviews the research and explains why there has been positivity following the election result.

According to local estate agent, Jackson-Stops & Staff, 55% of its branches found that during the two weeks following the election result, they saw no change in the amount of sales instructions in comparison to the two weeks before.  “They actually reported that 7% of their branches saw an increase in enquiries,” begins Sarah.  “In fact, only 30% of their branches found that sellers were putting the sale of their home on hold due to the election.”

Impact of General Election on housing market

“Ahead of the election we were concerned about what the outcome would mean, with the threat of hesitation in the air from the fact it was called in the first place,” continues Sarah.  “Uncertainty is a barrier on the housing market, as we saw last year after the EU referendum.  However, we echo the feeling from Jackson-Stops and Staff that people are simply carrying on and are not putting their lives on hold while Brexit negotiations go ahead.  This seems to suggest that political factors are no longer a big player in the decision making process, or a reason for families to delay their moves.”

Sarah concludes, “The housing market should be a high priority for government as they move forward in their new government with the DUP, particularly when discussing areas such as Stamp Duty Land Tax.  We look forward to seeing the housing market continue to thrive, especially for first time buyers with their opportunities to get onto the ladder increasing all the time.”

If you’d like to find out more about buying or selling your home, or you’re a first time buyer looking to make that exciting step, you can contact Sarah or the Property teams at conveyancingquote@warnergoodman.co.uk.

ENDS

This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice.  All content was correct at the time of publishing and we cannot be held responsible for any changes that may invalidate this article.