Demand for homes in Britain has experienced a small drop during April, due to uncertainty surrounding the upcoming General Election. So what should you expect to happen before June 8?
According to the National Association of Estate Agents the housing market has experienced a “watch and wait” approach to some extend in recent times. As a reason for this, the NAEA named the uncertainty around the General Election due to be held on June 8.
In a statement, the property body revealed that the number of home owning-hopefuls registered per estate agent branch had dropped during April. Whilst April only saw 381 house hunters per branch, there were 397 looking in March and 425 in January and February each.
Similarly, supply also experienced a fall in April. The average number went down to 36 properties available to buy per branch from 39 in March.
The number of agreed sales per branch also dropped, from ten in March down to eight in April.
The NAEA suggests for both buyers and sellers to wait until after the election before making a buying decisions as the outcome could affect their investment. And whilst housing is playing a big role in the election campaigning, more often than not the pledges made during campaigns can’t be held up.
Mark Hayward, chief executive, NAEA Propertymark said: “Buyers and sellers alike are recognising this and adopting a ‘wait and see’ strategy to decipher how or if the value of their existing or future homes will be affected.”
“A business as usual approach will ensure house-hunters are met with a healthy supply of properties to view, and sellers get a fair price and a good buyer.”