Election fever is certainly hotting up and now with a week to go, the housing market is acting all peculiar!
Local estate agents tell us that, whilst they are still doing lots of valuations, there’s not a lot coming on the market as sellers are ‘waiting to see what happens’ when the election results are revealed.
The threat of the mansion tax, which is likely to affect homes worth more than £2m is unnerving the top end of the market; whilst news that stamp duty may be abolished for first-time buyers spending less than £300,000 is causing the lower end to delay their purchasing decision too.
But even in the middle market, sellers are getting nervous about registering their properties. Buyers are chomping at the bit to find these houses, particularly in the Hampshire area, but with little coming on the market, they are, understandably, getting frustrated.
So what’s the best thing for a fever, particularly a pre-election panicky property fever? Feed it with houses of course!
If you’re thinking of putting your house on the market, there’s no point in delaying until the new government is announced. With a week or so to go, no sale is going to happen in that time so you still have the opportunity to either benefit from the changes or amend your position accordingly.
Election week is traditionally one of the busiest times in the housing market as the uncertainty ends and a backlog of sellers register their homes. Our advice to sellers would be to get in there now, before the competition heats up so you can have your pick of the buyers!
Will we see a return of the buying frenzy of last spring? Momentum is certainly building under the surface, but it’s a case of ‘watch this space’ as to if and when it eventually erupts.