The property market could hit the pause button as potential home buyers sit it out to await the outcome of the general election. According to property market reports there are already signs of the housing market slowing down due to the uncertain economy and Brexit with the new higher stamp duty charges also compounding the problem.
The RICS reports that the number of properties on estate agents’ books has fallen to a record low. Yorkshire Building Society economist Andrew McPhillips says “The housing market is going through a sluggish period at present and a general election adds to the chances of it lasting longer. Homebuyers who are well on the way to making a purchase have traditionally not been put off by such surprise macro-events, but those only thinking about it may decide to pause.”
Jeremy Leaf, a former residential chairman of RICS says “The period of indecision starts from now until the election and thankfully it is relatively short. Inevitably, a lot of decision making will be put on hold, particularly as the polls fluctuate, and that includes the decision to buy and sell property.” However, he went on to say that there could be a surge in housing market activity after the election.