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ELECTION FEARS ALREADY REFLECTED IN HOUSING MARKET |
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13TH
APRIL 2010
There has been an unexpected surge
in instructions in estate agents' offices as prospective
sellers begin to fear the possibility of a Labour return or a
hung parliament. Despite the fact that delaying until
after the election might save these sellers the cost of a
Home Information Pack if the Conservatives win (early
abolition of the much hated HIPs is expected to appear in
Tuesday's Tory Manifesto release) those in need of a quick sale
appear to have jumped on to the market earlier and in greater
numbers than estate agents were expecting.
Says Trevor Kent, former president
of the National Association of Estate Agents and a long time
housing market commentator "home owners have seen prices moving
upward a little in the last few months, but now
wonder whether this might be the zenith of recovery and
that post-election blues may well be reflected in prices
lowering once again, particularly if Labour holds sway for the
next five years or there is an administration dominated by the
whims of hitherto minnow players suddenly elevated to big
fish".
A fifteen percent increase in
properties coming on to the market in March is already
strengthening the arms of purchasers who no longer see a
restriction of choice as forcing them to pay more than they
might wish, and offers are again being registered on average
at 10% less than asking price. "Sellers are still, by and
large, remaining firm on asking prices and only time will
tell where this one, and the election, will go by mid-May. A
party underestimating the importance of the property market to
the economy as a whole and that its remaining strong
is of paramount concern to every citizen and voter does
so at their peril" concludes Trevor Kent
End
Trevor Kent is a former President
of the
National Association of Estate Agents and
housing market commentator.
01753 885522
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