The general election and the local property market

I have already been asked what, if any, impact will Theresa May’s decision to have a snap general election on the 8thJune….

Well based upon the massive uncertainty Brexit brought I think we can safely say, that in the short term, there will be no negative impact on our local property market. If Brexit didn’t slow down the market there is no way a general election will!

The main reasons that I feel the current, local, market will continue to flourish are quite simple. Interest rates are still at record lows, lenders are offering fantastic deals meaning affordability is at an all-time high. There are still too few properties coming to market and with the current levels of decent job security, it means that prices will remain constant and even continue to rise, based upon the basic law of supply and demand.

If you are thinking of selling now is a great time to market your property, as I have said there aren’t enough around so you are likely to get a very good price. This could change if there is a surge of new properties coming to market before summer.

If you are thinking of buying, again, now is a great time. Lenders are asking for lower deposits and rates are as low as they have ever been, so your dream property is probably as cheap now as its ever going to be for you.

If you are thinking of selling or buying please get in touch, we would love to hear from you.

Mathew