Theresa May shocked everyone by announcing a General Election for the 8th June. As we come to terms with this shock announcement buyers and sellers are deliberating their position in all this.
They must question how this ‘snap’ election will affect the present property market ?
With an already sluggish market since the Brexit announcement.
The Royal Institute of Chartered Surveyors (RICS) recently reported that the number of properties on an estate agent book has fallen to a record low.
There were 43 unsold properties per branch in March, the lowest figure since collecting data.
This tells us there is uncertainty in the market. People are watching from the sidelines waiting to see how things unfold. It is probable that they will hold off any decision regarding buying or selling until the outcome of the election.
The announcement of the General Election in this already sluggish market will undoubtedly prolong this lagged period.
Data collected by online estate agent eMoov.co.uk after the announcement showed that both sellers and buyers will proceed with transactions regardless of the General Election or its outcome.
So the effects of this ‘snap’ General Election is uncertainty in the market which will further slow down an already sluggish market. As polls fluctuate running up to the 8th June we all wait in anticipation to the outcome where evidence shows an expected surge in housing activity after the June 8th, which is not that to far away.
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