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The events of last week mean that we are now likely to see more instability in the housing market and the wider economy. Whatever our political standpoint, a hung parliament will bring a degree of uncertainty to the economy, which in turn will reduce confidence for those facing significant decisions.
The housing market hates uncertainty; those considering buying and selling their most prized and valuable assets will think twice when an election is looming, particularly when it’s the third national vote in two years.
Last week, The Royal Institution of Chartered Surveyors (RICS) released research revealing the damage that the election had already done to the property market. The report revealed that a drop in the number of properties coming on the market during May had been “exacerbated by the General Election, as some adopt a ‘wait and see’ approach”. 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.
Despite the changing political landscape, the lure of the beautiful South West and the quality of life it promises remains reassuringly strong and undiminished. That said, as the South West housing market relies heavily on migration from London and the Home Counties, we are far from autonomous and the impacts of the wider market are certainly felt here too.
With 140 years of West Country experience and 21 offices covering every corner of the West Country, Stags offers an unrivalled level of expertise and regional knowledge and is acknowledged as the leading firm of Chartered Surveyors and Auctioneers in Dorset, Somerset, Devon and Cornwall. As we market on a greater scale than any other West Country Agent you can be sure that we will reach the widest possible audience.
For a free, no-obligation market appraisal of your property by one of our local property experts, which includes a valuation, assessment of the current market and advice about selling and buying, please contact your local Stags office.