20 May

Andrews and Stacey: Market Update

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.

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