Source : Flickr/kris krüg
According to National Association of Estate Agents, uncertainty caused by UK election has resulted in drop in demand for housing.
According to the organization, in March, the number of estate agent branch fell to 397 from 425 with a 4 percent further drop in April.
Talking about the sudden drop in housing market, Mark Hayward, Chief Executive, NAEA Propertymark commented, “Periods of political uncertainty tend to halt activity in the housing market, and this is exactly what we’re seeing this month. All of the main political parties have outlined significant housing promises in their manifestos and we’d hope to see these policies rolled out in the new Government’s first six to 12 months in Parliament. 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.
“However, despite the fact that increasing housing stock is playing a part in the Election campaigning, more often than not we find these pledges are unachievable and turn out to be empty promises. It’s therefore important that the market doesn’t totally stall as this could trigger an unintended domino effect, which we could still feel the effect of years later before supply increases. 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.”