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July 3, 2017

Surprise hung parliament result fails to deter sellers and buyers

Filed under: Latest News — Instinctif Partners @ 1:04 pm

Our chairman, Nick Leeming, provides an update on what Jackson-Stops & Staff’s national network of branches experienced on the ground two weeks on from the hung parliament result.

An analysis of the market, two weeks on from the shock General Election result, shows that home sellers and buyers remain undeterred. More than half (55%) of our branches reported no change in the level of sales instructions from 12th to 26th June compared to the two weeks prior. This would suggest to us that buyers with a long-term view of buying a home remain largely unfazed by the result.

Of course, the General Election did not bring about the strong Government that either we or Mrs May had hoped for, but fewer than 30% of our branches reported that clients have expressed any concern. Shrugging off the political result was a much more popular response, with 72% of our branches reporting that clients are continuing with the process of buying.

This Grade II listed former Vicarage is located in the historic village of East Farleigh and is available through Cranbrook branch for £1.25 million.

Some branches (7%) have actually seen an increase in the number of new instructions following the result, while our London Residential Development team said a hung parliament could lead to a softer Brexit, which would be better for business than a harder Brexit.

Overall, it is quite apparent that personal drivers, such as the need for a larger home, a shift in lifestyle or a yearning to be in a new location, is what is driving the market. Stamp duty land tax (SDLT) on high value properties is by far a much greater threat to the property market than the General Election result. With more than 80% of branches saying that higher levels of SDLT on £1 million plus homes is an inhibitor on their local market, we are now placing our trust in the new housing minister to address this. It should be a key priority for Alok Sharma to improve fluidity and the level of supply in the UK housing market.