UK buyers waiting until the election to buy

UK buyers waiting until the election to buy

The general election is now just a matter of days away, and it is something that has severely divided opinion in the UK's property market. While there are those who have said the election would have little impact on the way people behave with regards to property, others have said that the uncertainty with regards to the result could leave many people looking to buy later rather than in the run up to the election. 

And it seems as though the latter of these two opinions was right, even if the downturn in the sentiment has not been as severe as was initially feared over the course of the last few months. 

The National Association of Estate Agents (NAEA) has reported that in the last week before Brits head to the polling stations nationwide, the number of people looking to buy themselves a home has fallen quite significantly. 

It said in the report last week that 63 per cent of its estate agent members were reporting that the demand for homes is at its lowest point for a year, with the volume of buyers hitting a low thanks to worries about the election. Each member has 343 buyers on average at the moment, compared to a year ago, when this figure sat at 406. 

It also said that the volume of first timers coming to the market has fallen in the space if the last year. It said that in the last 12 months, the proportion of homes sold to people who have never bought a home before has fallen from 30 per cent of all sales to 22 per cent. 

"We would always expect to see an event as monumental as a general election having an impact on the property market. But what makes this election so interesting is that no one knows what the result will be," said Mark Hayward, NAEA managing director.

"And with housing featuring so prominently in all three main parties’ manifestos, buyers in particular are holding off to see what will happen. The outcome of the election will impact first, second, third and last time buyers," he added.