20
May
Andrews and Stacey: Market Update
The outcome of the General Election has delivered us a
Conservative government with an increased majority, pointing us
towards greater economic growth. The pound has strengthened, a
notable surge in the FTSE100 and increased activity in the London
property market, are some of the immediate reactions to the
election outcome. The renewed interest and activity has resulted in
a significant rise in enquiries, higher viewing numbers and an
increased number of offers being received.
Similar indications of increased activity were observed at the
2001, 2005, and 2010 General Election with significant increases in
the number of properties sold in Central London in the six months
following the general elections, in comparison to the previous six
months. This confirms that historically there has been a consistent
rise in property sales post-election.
We are expecting a busy summer market, as buyers who have put
their moves on hold while awaiting the outcome of the general
election, will now put their properties on the market and pick up
their search. It appears that fluidity is returning and we are
anticipating much greater activity in the £2 million
plus market, now that there will be no ‘mansion tax’ as
was being promised, should Labour had won the generel election.