Lack of properties for sale due to general election

May 14, 2017 by Brendan O'Neill

Property Market

According to a recent report, the general election is to blame for a lack of homes for sale.

The survey, produced by the Royal Institute of Chartered Surveyors (RICS), indicates that the number of properties for sale has steadily declined, and is continuing to do so. More than 600 estate agencies had been surveyed across the UK, showing that the average number of homes for sale was at a record low.

According to RICS, demand has also slowed down, with very little change in the number of enquiries from buyers since November 2016. The estate agents surveyed stated that sales had been flat during the last month, and that no change was expected. The report also said that ‘anecdotal evidence’ demonstrated that the decision by Theresa May to call a general election had created uncertainty, preventing people from buying or selling homes.

Estate agents added that the increase in Stamp Duty, which was introduced in April last year, was also affecting demand. In London, estate agents had reported that during the last 13 months, more property prices had fallen than risen. Last month, the North East and East Anglia had experienced a halt in price growth. However, 67% more estate agents in the North West said that house price growth had risen.

Over the coming three months, house price growth is predicted to slow down, although there is an expectation that house prices will grow during the next 12 months, across the whole of the UK.

CeMAP qualified mortgage advisers can help buyers to find the most suitable mortgage product, when they decide to buy a new home.