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Market remains active during election
Despite fears over the impact of the impending election, the UK housing market remains active
The number of valuations conducted only dipped by 4% in April compared to April 2009, according to our latest research.
The housing market has continued to recover steadily. There were concerns that in the build-up to the election, buyers and sellers would be distracted and sit on their hands – but that hasn’t been the case.
Confidence is returning and this has been helped by marginal improvements in mortgage availability and news of the doubling of the stamp-duty threshold. In the past three months, the housing market has performed better than the same time in 2009.
With the abolition of HIPs on the political agenda, there was a concern that many sellers would to wait to see whether they might save money as a result of new government policy.
We have also seen the trend of house price inflation continue from the trough in February 2009. Current homeowners have seen their properties regain the value lost in the downturn, and see now as a great time to move.
Election fever hasn’t derailed the recovery of the housing market. Consumer confidence continues to grow, and we are in a much better position than in 2009.
But we need to wait until the dust has settled after the election to see what new policies will follow, and the role the new government will play to build the market.
Ross Bowen is managing director of Connells Survey and Valuation
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