'Election jitters' having little effect on UK property

'Election jitters' having little effect on UK property

For some time, there have been worries that the uncertain outcome of May 7th's general election would have a negative impact on the UK's property market. Many experts believed that the fact we had no idea who might be in Number 10 after the fact meant that people would adopt a wait-and-see approach to the housing sector, holding off buying until they knew how the new government may affect their finances. 

However, with just two weeks to go until Brits head to the polling stations, it seems as though this worry was unfounded. A new report has shown that so far in 2015, buyers and sellers alike have been largely confident through the uncertainty, and have continued to operate in the market. 

According to estate agent haart, the last few months have seen a surge in both buyer and seller activity, with more people looking to get on the ladder and a greater number trying to climb ever higher on it. 

Its index showed that in March, the average nationwide price of property rose to £206,726. This was up by 0.9 per cent when compared to February, as well as being 5.6 per cent higher than in the same month a year ago.

The estate agent said that this shows that people are not too bothered about the election and how it will affect the property market, with prices now sitting at their highest recorded level of average. 

"Our advice to both buyers and sellers has been to enter the property market before heading to the ballot box in May, if they are considering doing so this year," said Paul Smith, chief executive officer of haart.

And for sellers in particular, there could be even more good news ahead. According to haart, the months after the election typically see the price of property rising sharply. This should mean that the country's sellers are able to get more for their homes, particularly with new buyer demand now 22 per cent higher than a year ago.