If you have left it too late to sell your property before this general election you may be wondering if elections have much of an impact on property prices.
An analysis of recent elections in the UK suggests otherwise. A study done of property prices three months either side of recent general elections shows they had little to no impact. There is some indication that an election may affect banks’ willingness to grant mortgage approvals, but that doesn’t affect all buyers and the impact found was small.
Economists at Nationwide commented in Real Homes: ‘It appears that housing market trends have not traditionally been impacted around the time of general elections. Rightly or wrongly, for most home buyers, elections are not foremost in their minds while buying or selling their home.’
Instead, economists have suggested that other factors are much more important when considering property prices.
The period around Christmas and New Year is a quiet time for sales, meaning if you want a quick sale you may need to examine your options.
Brexit is now due to happen in February next year and this could of course have a significant impact on property prices, though exactly what is unknown.
The outcome of the general election will of course have an impact on how and when the UK will leave the European Union which may of course in turn have an impact on property prices in the UK. If you want to speak to us about selling your property fast, then get in touch.