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Housing market slows due to election uncertainty

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Prospective house buyers are waiting for the outcome of the election before deciding to move house. The March report by the National Association of Estate Agents (NAEA) has found that demand for property is at the lowest level it has been for a year. Housing policies have dominated all the main party’s manifestos and members of the NAEA believe that house-hunters are holding off to see what happens on May 7th. First time buyers are high on the political agenda as less than a quarter of total sales were made to this group in March – down by 30% from February.

Spring is usually the busiest period for the property sales market but has started slowly this year as everyone wait to see what benefits the general election will bring. For those who are lucky enough to have deposits now could be an opportune time to buy especially with the reduction in Stamp Duty Land Tax and competitive borrowing rates; also the new rules allowing people to release their pension funds at 55.

The Managing Director of the NAEA said, ’..it is encouraging to see all parties actively proposing plans to regulate supply and demand….and the proposals to build 200,000 new homes, but planning law, lack of infrastructure and available labour can make this process so lengthy, that it may be ten or twenty years until we see this.’

We have offices in Christchurch and the New Forest. Our Conveyancing team also cover Bournemouth and Poole. For a free initial chat, please call 01202 499255 and Helen or a member of the team will be happy to discuss any questions that you may have.

The content of this article, blog or video is not intended as specific legal advice. For tailored assistance, please contact a member of our team.

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