Property market unfazed by election result

Recent research has indicated that the property market has remained unperturbed by the recent general election result.

According to Jackson-Stops & Staff, over half (55%) of its branches stated that during the two weeks following the result, they saw no change in the amount of sales instructions in comparison to the two weeks before.

After the election, 7% of branches reported a rise in the number of new instructions, which they have attributed to the political uncertainty potentially resulting in a softer Brexit deal.

Whilst it reported that some clients have raised the election in regard to their home sale, under 30% of branches stated that sellers have put their marketing on hold in response. The majority – just under three quarters (72%) – of branches reported that buyers had simply carried on with the buying process, having “shrugged their shoulders” following the election result.

Instead, the recent rise in stamp duty was seen as a greater challenge for the market, with 82% of branches reporting that it had been an inhibitor on a local basis for homes over £1 million.

Commenting on the research was Nick Leeming. The Jackson-Stops & Staffs Chairman stated:

“While the general election did not bring about the strong Government that either we or Mrs May had hoped for, our buyers and sellers have remained remarkably unfazed by this with most of our branches across the UK reporting that it’s business as usual.

“Personal drivers such as the need for a larger home or a shift in lifestyle in a new location are driving decision making in the market – rather than political factors. Interestingly, stamp duty land tax on high value properties is a far greater threat to the property market, and we therefore hope that this is a key consideration for the new housing minister as he turns his attention to improving fluidity and the level of supply in the UK housing market.”

Today's Conveyancer