Hung Parliament: The prime resi industry reacts
By James Greenwood of Stacks Property Finders
The great thing about property is that it transcends political cycles
“If we were hoping to wake up to ‘strong and stable’, and some political and European certainty to get a sluggish property market onto its feet, it seems we have to wait a little longer.
“So where does that leave us?
“In London, prices are approximately 20% lower year on year. We expect buyers, especially overseas investors who will take advantage of a suffering pound, to take advantage of this window that will almost certainly remain open until we have some answers to the Brexit question.
“In rural areas, prices have been steady for some time, offering sellers and buyers a stable market to operate in with no volatility to contend with. There has been plenty of opportunity for good negotiation. There is a severe lack of stock in many parts of the country, so good property is selling well. But we don’t expect much price movement over the next year. The politicians have given vendors no reason to start raising prices!
“Those looking to move from London to the Country are still being presented with a once-in-a-generation opportunity to swap a moderate London property for a spectacular rural home.
“The great thing about property is that it transcends political cycles. The important thing is to arrange transactions consecutively to proof against external factors. We have seen many clients make a move through the upheaval of the Scottish Referendum, 2015 Election, EU Referendum, US Election – to be in the house that works for them and their family and their life.
“So our advice to those who were hoping for some certainty so they could get on with their move is, ‘get on with it’. If you want to move, don’t hesitate, start making arrangements now.”