Simon Pook: Head of Residential Property
– With the snap general election announced this week, if you are in the process of selling your house you may be concerned about an uncertainty in the market. According the experts however, you needn’t worry for long as it looks as if house prices will not be as affected as they are in the run up to the usual type of general election. If you are thinking of selling your house, speak to us for legal advice.
Yet another General Election in the UK means one thing for those trying to sell their homes: uncertainty, in spades, according to the UK property market.
What does it mean? Here’s what experts think.
“Past trends show a clear correlation between general elections and the level of transactions in the property market,” said Alison Platt, chief executive at estate agent Countrywide. “Analysis of sales transactions over the course of the last nine general elections indicates there will be a dip in activity pre-election.”
But she continued: “What’s different here is that we don’t have the same long run up to the election – it’s around seven weeks between the calling of the election and the ballot date, compared to the usual six months… The short timescale between now and the election also means that any consumer hesitancy pre-election will have less of an impact on transactions overall.”
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