Election Uncertainty Impacts on Housing Market

The snap General Election appears to have exacerbated a slowing down of the housing market, as buyers and sellers adopt a ‘wait and see’ approach. 

This is the finding of a new survey by RICS, which revealed that in May 25% more respondents cited a decline in fresh listings (compared to those reporting a rise), producing the most negative reading since July 2016. At the same time, new buyer enquiries fell at the national level, having remained stagnant over much of the past six months.

According to RICS, agreed sales continued to decline for a second month running as the national indicator saw 8% more respondents seeing a fall in agreed sales (compared to -9% previously). Going forward, near-term sales expectations imply little change over the coming three months, but over the next twelve months respondents appear slightly more optimistic, with a net balance of 26% anticipating an increase in activity.

“The latest survey suggests that uncertainty related to the General Election may have contributed to what appears to have been a disappointing level of transactions in the housing market over the spring,” explained Simon Rubinsohn, RICS Chief Economist. “Perhaps the most ominous signal emanating from the data released today is that contributors still expect house prices to increase at a faster pace than wages over the medium term despite the difficulty many first-time buyers are clearly having in taking their first steps onto the property ladder.”

Contact Us

For expert legal advice on buying or selling property in Scotland, then contact our specialist property lawyers today.

from Latest blog entries https://www.adamslaw.co.uk/new/residential-conveyancing/election-uncertainty-housing-market.html
via IFTTT

Advertisements

Author: Adams Solicitors

At Adams Solicitors, we focus on providing our clients with a service that is second to none, and assist them in solving their legal problems in an efficient and effective manner. We understand that for many clients, cost is an element of concern, and that is why we offer many of our services for a fixed fee. Our solicitors offer straightforward advice, outlining solutions clearly, concisely and with utmost transparency. Adams Solicitors knows that when it comes to legal problems, you need practical solutions– not further questions. That is why we seek to understand what our clients need from us and then provide them with practical, cost-effective and timely advice. View our commercial services and private client services.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s