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Business as usual as buyers and sellers ‘undeterred’ by election result

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The General Election result has failed to deter buyers and sellers, according to Jackson-Stops & Staff.

The agency has surveyed its national network of 44 branches two weeks on from the hung Parliament result to get an idea of the mood in the market.

More than half (55%) of branches reported absolutely no change in the level of sales instructions in the two weeks after the result compared with two weeks prior.

However, only 7% actually saw an increase in the number of new instructions.

Less than 30% of branches say a few sellers have held off marketing their property, while 72% of branches say that buyers are continuing with transactions.

Instead, some highlighted Stamp Duty as more of an inhibitor.

Nick Leeming, chairman of Jackson-Stops & Staff, said: “While the General Election did not bring about the strong Government that either we or May had hoped for, our buyers and sellers have remained remarkably unfazed by this with most of our branches across the UK reporting that it’s business as usual.

“Personal drivers such as the need for a larger home or a shift in lifestyle in a new location are driving decision making in the market – rather than political factors.

“Interestingly, stamp duty land tax on high value properties is a far greater threat to the property market, and we therefore hope that this is a key consideration for the new housing minister as he turns his attention to improving fluidity and the level of supply in the UK housing market.”

Ken Hume, of south-west London agents James Alexander, echoed the results, adding: “It’s like there are so many unexpected shocks that people are numbed.

“In our area, it appears people are just getting on with buying and confidence thus far has not been an issue.”

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Source:: Business as usual as buyers and sellers ‘undeterred’ by election result