Property market ‘bouncing back since general election’

Fri 04 Aug 2017

Activity in the property market across the UK is rising steadily after a brief slowdown was reported in the run-up to the general election.

New figures from NAEA Propertymark show estate agents are busier, with the average number of sales agreed per branch up from 10 in May to 11 in June. There was also a 10 per cent surge in the number of house hunters registered with each branch, up to 384 in June.

The proportion of sales made to first-time buyers also increased, reaching 30 per cent in June. This is the highest it has been in any month since January and an indicator of the growing opportunities available to first-time buyers in the current market.

Kevin Shaw, national sales director at property specialist Leaders, says: “The statistics and our own evidence suggest the market has bounced back since the general election and is now on a firm upward trajectory.

“It is common for major political events – such as an election – to cause a downturn in activity as sellers and buyers wait for the outcome. But with any uncertainty now in the past, more people are on the lookout for their next home and more sales are being agreed and completed.

“Of course, a busy June is no surprise as the summer months are exceptionally popular with home movers, but the fact the number of registered buyers was 16 per cent higher this June than in June 2016 underlines the fundamental strength of the market right now.”

Recent figures from the Office for National Statistics revealed there was a 4.7 per cent increase in house prices across the UK in the year to May, as demand for property continues to outstrip supply.

For more information on selling or buying a property in your area contact your local Leaders branch.