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GENERAL ELECTION AFFECT HOUSE PRICES

GENERAL ELECTION AFFECT HOUSE PRICES

COULD A GENERAL ELECTION AFFECT HOUSE PRICES?

With a snap announcement of a general election to be held in June, it came as a bit of a surprise for many people. How will this affect you if you are looking at selling or buying a property in the next couple of months?

A few areas in the UKs property market have been running hot in years, these areas have been overheating to the point where the Bank of England had to bring regulations and extra taxes to try to cool prices. Even in these buoyant areas major political events often produce an air of uncertainty and can affect the sell house fast property market.

We have had a look into what is likely to happen too quick house sale property prices in the run-up to the general election.

How does a general election usually affect the property market? The usual gossip is that property transactions steady in the build-up to a general election, buyers and vendors will wait to see the outcome. Is the spring rush for property going to slow?? With sales climbing from February through to June year on year is the trend. Below is a table which shows the trend of a general election year.

 

 

Source: The Telegraph

Data shows that levels in 2015 did slump before the election in May, then recovered to expected levels in June. The graph shows that even though the run up to the election often has some effect on how many houses are sold, this does also show that it’s not particularly significant.

The million dollar question: What will happen to house prices? The answer in our opinion is, very little. House prices in the lead up to any general election is that they fall off a bit then regain back to normal after the election, even if there is a shock decision prices have always been resolute in the past. During the lead up to the 2015 election the UKs house prices continues to rise steadily month on month at around the same rate as seen in 2014 and 2016.

Will a snap general election make much difference? In our opinion, its going to have less of an effect on the sell house ho prices than a normal general election. With only 3 weeks to go until voting day, there will be little time to have any significant effect on the quick house sale property market. And with political uncertainty being the norm in recent years, with last year’s EU referendum which had no effect on the housing market.

Will the election result affect the housing market? It is too early to tell, with parties yet to release full details of their policies. With the proposed ban on letting agents fees now unlikely to come into force until 2018, the continued debate over the stamp duty reform and full details of the starter home scheme yet to be introduced, one thing is for sure it’s going to be an interesting year for the sell house fast property market, it doesn’t matter which party win the election.

 

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