How will the election result impact the property market?
If you’re planning on buying or selling a house this year,
you may wonder how the general election might affect the property market. Are
we facing a close-down as movers wait to find out what happens after the 2017
general election on 8 June?
In previous times, it might. But Mrs May’s surprise election announcement seems unlikely to do any damage. If anything, the snap decision has avoided the long build up which could have created anxiety. The short period between May’s announcement and the election means there is barely time for a dip in sales and any impact would be concentrated into a single month. The widely-held belief that there is likely to be a Tory landslide has limited any uncertainty and the likelihood of five more years under the Conservatives might be seen by many as a positive prospect.
A decisive result will build a better sense of security in predicting future fluctuations in the property market, further increasing buyer confidence. Following previous trends the we expect the number of property transactions to increase for around six months following a general election.
Despite high profile elections in each of the last two summers, the property market has remained resilient, which indicates the majority of buyers will not be put off by uncertainty and I believe Oswestry - despite being in its own ‘property microclimate’ resilient to the highs and lows of the national market – will continue in its pattern of steady growth.
Local developers are certainly not put off and anticipate a period of growth following the election. We’re poised to release details of a 44-home development in Park Hall. We’ve been eagerly awaiting this responsible development - due to start this summer - because it’s a mix of family homes, all of which are in demand in our area.
To speak with a sales or lettings manger, call Woodhead on 01691 680044.