SALES NEWS: Post-election housing market set to bounce back
It’s back to business after the general election with an expectation that buyers and sellers will be keen to take advantage of the traditional spring sales season.
Analysis of every general election back to 1979 shows that property sales dip around 20 per cent in the two months before polling day, and viewings of homes on sale in Exeter and East Devon certainly dipped in April.
However, immediately after each election transactions bounced back too and this appears likely this time.
Agents across the country have reported an immediate rise in enquiries from sellers and buyers within hours of the election result becoming clear. On the stock market, publicly-quoted estate agents and house builders saw big increases – most between six and 12 per cent – the day after the election as the property industry became increasingly confident.
One relocation agent described the prospects for buyers and sellers this way: “There will be bun fights in the next few weeks for the best houses which come to the market.”