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April 28, 2017

General Election announcement fails to ruffle UK property market feathers

Filed under: Latest News — Instinctif Partners @ 3:30 pm

Our Chairman, Nick Leeming, provides an overview of what Jackson-Stops & Staff’s national network of branches are experiencing on the ground following the General Election announcement on April 18th.

This impressive Grade II listed country house is available through our Chester branch for £1,975,000. Call 01244 328361 to arrange a viewing.

One week on from Theresa May’s surprise speech, the vast majority of our branches (93%) have reported no change in the level of sales instructions in the week from 18th to 25th April compared to the week prior. This suggests to us that sellers continue to have confidence in the UK property market and want to get on with life.

Of course, opinions are rarely unanimous. Over a third (38%) of branches reported at least one client had raised their concerns about the market and more than one in ten (16%) reported mutterings from buyers thinking of holding back from entering the market until post-General Election. Our clients in Chester for example are largely welcoming the General Election, and like many in other areas, they believe a win for Theresa May will unite our country and engender confidence in the economy.

All markets react badly to uncertainty and significant political events such as this normally do impact activity levels quite significantly; this particular snap General Election announcement is different however. With a far shorter time-frame and following a succession of referendums and elections, political uncertainty is fast becoming the norm and there is only so long that you can delay a move when needs must!

Six weeks is a blink of an eye in property market terms, so for the vast majority of buyers and sellers it’s business as usual and the personal drivers that are causing them to enter the market remain the overriding consideration.

We expect to see restraint perhaps in the week of the election as buyers and sellers await the outcome, however 84% of branches agree that a clear majority for Theresa May will actively benefit their local housing market thereafter so we look forward to moving past this temporary distraction.