How will the General Election Affect House Sales?
It’s been over a month since Prime Minister Theresa May announced the general election due to take place on 8th June. In a property market that by some has already been deemed unstable in the wake of the Brexit vote, what does the election mean for individuals who are thinking of selling their homes?
There’s no time for hesitancy
Typically, general elections can cause hesitancy among both buyers and sellers and a subsequent lull in the housing market. This is due to the uncertainty an election causes; people are keen to see the outcome and the potential changes a new government might bring before investing in new property.
However, the sudden, unexpected nature of this election and a short run up to voting means that there’s much less time for buyers and sellers to over-think the impact of the election. Hesitancy is less likely to set in, which means that the housing market looks set to remain strong in the build up to the election.
Post-election impact on property
In the wake of the EU referendum, the property market saw a slight wobble as uncertainty hit the UK with Brexit on the cards. However, since then the property market has continued to flourish with little long-term impact. Although there’s still a long way to go and plenty of negotiations to take place as the UK gets ready to leave the EU, the property market quickly stabilised and continues to flourish. Today, it remains strong and property prices have stayed steady.
The snap general election will ensure that a stable government can remain throughout the Brexit negotiations. This stability is likely to only bolster the already strong property market, which means that vendors who put their property up for sale now have little need to worry about their home languishing on the market when a new government takes hold.
To sell or not to sell?
As a highly experienced estate agents in Cardiff, we haven’t seen any negative changes to the property market as a result of the election and highly recommend that potential vendors don’t put off their sale.
With the increased stability that a newly elected government may bring throughout Brexit negotiations – no matter which party wins out – it’s likely that the property market will only go from strength to strength. This is definitely a fantastic time to sell your home, so be sure get in touch for a valuation and for more information on our selling services.Tweet
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