What does the new government mean for the property market? This is one of the big questions following the general election last week and the shock news of a hung parliament. The housing market has a huge effect on our economy and in these uncertain times we all have a different opinion of what will happen and what the Conservative’s commitment will be to the housing sector.
Iain McKenzie, CEO of Guild property wrote “At a time when instructions are scarce, fees are at an all-time low, conveyancing is taking longer than ever, the housing sector needs a government that understands the housing crisis needs to be a priority”.
The housing market has already seen a fall in prices and a drop in new listings as people awaited the outcome of the election, this is likely to continue as long as political uncertainty remains. Estate agents nationwide have reported the largest fall in listings since the Brexit vote and prices have seen the longest period of decline since 2009.
A recent article posted by The Telegraph said that the knock-on effect of this means that lenders have had to battle for new customers by slashing rates, meaning that potential buyers are in a better opportunity to get their hands on some of the best fixed-rates, however this may only be short lived if house prices weaken.
Here at lemon and Lime we believe that the people who will see the biggest impact of this will be properties in the middle to higher price bracket £500K – £3M, this has certainly proved to be the case in the last few years of a weak, and then uncertain, market. This bracket is hugely affected by divorce, death and downsizing. Many people are forced sellers which gives potential buyers the perfect opportunity to be very picky about what they spend their money on and how much they are willing to offer.
This means it is now more important than ever to ensure your property is ready for sale so that it does not become one of those left sitting on the listings page or having to accept a low offer.
Contact us now for help, we have a great track record of preparing properties which then achieve a quick sale with a high offer.