ELECTION FEARS ALREADY REFLECTED IN HOUSING MARKET
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
Trevor Kent is a former President of the
National Association of Estate Agents and
housing market commentator.
© Trevor Kent