Fears of pre-election weakness in property 'have been overplayed'

Fears of pre-election weakness in property 'have been overplayed'

If there is one running theme that has been laced through the current election campaign, it would be that of uncertainty. The polls at the moment may put the Conservative party in the lead by six points, but it has been one of the closest run elections in living memory, and there is still the widely held consensus that when the votes are counted after May 7th, we will have no clear winner. 

This uncertainty has spread into other areas of the British economy, naturally, with the business sector and property in particular edgy over the results and how these will affect them in the immediate future and in the long term. However, while there were fears that this uncertain outcome would have a large impact on the property market, one expert has claimed that predictions were largely overplayed. 

It was thought that in London in particular we would see the market slow down as people adopted a wait and see attitude to buying property in the run up to the election. It was predicted that the number of sales falling would see the rental market flourish as more and more people looked to rent. 

And while the latter has been true, the reality is that there has not been too much of a fall in the level of demand for buying homes either. 

Speaking to the Telegraph, Anthony Codling, property analyst at Jefferies, said that the property market in the run up to the election has been far stronger than had initially been expected. 

"With less than a month before the UK votes, the anticipated slowdown and profit-taking have yet to be seen.

“Election fears have not yet materialised. We had thought that the UK housing market would at best pause for breath and at worst decline significantly ahead of May’s general election and that profit-taking following strong share price performance in Q4 2014 would be the theme of Q1 2015. We were wrong.”

With three weeks to go until we head to the polls in the UK, there is no end as of yet to the uncertainty about the future of the political sphere in the UK. However, one thing that is certain is that there remains a strong demand among British people for buying their own homes.