“Is this a good time to sell my house” is one of most frequently asked questions at the best of times. But with a general election on the horizon, that question becomes even more pressing!
Fear or a market slowdown due to (more!) political uncertainty is a common concern, however data suggests that a general election itself is unlikely to cause significant disruption to property sales.
Whilst we don’t have a crystal ball, here’s what we do know:
- Buyer confidence: According to Rightmove’s recent survey, 95% of people said they were ‘getting on with it’ when it comes to buying a property. In further positive news, their results also showed that buyer demand increases in the months immediately after a general election.
- Limited policy change: Unlike previous elections, there are no major proposed changes to housing policy or shifts to impact the property market.
- Seasonal patterns: Historically, property trends follow a seasonal pattern, peaking in July and August. Since completion typically takes a few months, April and May generally see the highest volume of sales agreed. Based on this, the pre-election period may be prime to get the process kicked off ahead of the summer rush.
- Interest rate cuts: Dataloft by PriceHubble and HMRC supports the outlook that the election is unlikely to cause disruption and argue that a more influential factor on the market activity this year might be the recent interest rate cut, which could potentially boost the market.
Whilst the election may not have a major impact, it’s always wise to be well-informed. As we’re advising all clients, we continue to highlight the long-term appeal and focus on the features and benefits that will remain attractive regardless of political shifts.
With 15 years’ experience in the Aberdeen city and shire property markets, we have weathered many political, local and national storms. Our sales team offer certainty throughout uncertainty with their expert communication and exceptional sales service.
If you’re considering selling, buying or letting your property, don’t let election jitters hold you back. We’re to help, alongside our independent partners who can offer mortgage and tax advice too, so reach out with your questions, advice or even to arrange a free home valuation.
Aberdeen: 01224 218450 | Inverurie: 01467 530591
Aberdeen: aberdeen@northwooduk.com | Inverurie: aberdeenshire@northwooduk.com
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