Demand for housing has fallen due to uncertainty over the upcoming general election, according to the National Association of Estate Agents. NAEA Propertymark said that the number of house hunters registered per estate agent branch fell from 397 in March to 381 in April. Supply also fell, down from 39 properties available to buy per […]
Demand for housing has fallen due to uncertainty over the upcoming general election, according to the National Association of Estate Agents.
NAEA Propertymark said that the number of house hunters registered per estate agent branch fell from 397 in March to 381 in April.
Supply also fell, down from 39 properties available to buy per branch in March compared to 36 per branch in April – the lowest level since April 2016.
NAEA Propertymark said this is most likely down to uncertainty triggered by the snap general election, with buyers putting their plans on hold until the result is clear.
Mark Hayward, chief executive of NAEA Propertymark, said: “Periods of political uncertainty tend to halt activity in the housing market, and this is exactly what we’re seeing this month.
“All of the main political parties have outlined significant housing promises in their manifestos and we’d hope to see these policies rolled out in the new government’s first six to 12 months in parliament.
“Buyers and sellers alike are recognising this and adopting a ‘wait and see’ strategy to decipher how or if the value of their existing or future homes will be affected.
“However, despite the fact that increasing housing stock is playing a part in the Election campaigning, more often than not we find these pledges are unachievable and turn out to be empty promises.
“It’s therefore important that the market doesn’t totally stall as this could trigger an unintended domino effect, which we could still feel the effect of years later before supply increases. A business as usual approach will ensure house hunters are met with a healthy supply of properties to view, and sellers get a fair price and a good buyer.”
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