Spring boost to UK residential market
Ignoring any uncertainty surrounding the general election, UK house hunters took to the streets in May 2017 in great numbers, with an 11 per cent rise in new buyers according to one report.
“On the cusp of the general election the UK property market is showing signs of improvement,” said an expert. “It is clear that the impending election and the forthcoming Brexit negotiations are now not affecting the aspirations of home buyers.”
Potential purchasers are willing to pay more than 7 per cent higher deposits than in spring 2016, while landlords are paying 13 per cent more for buy-to-let properties in London, notes the report.
Following the election, “we can expect the UK property market to experience a boost, benefiting from a rise in consumer confidence during the post-election political honeymoon,” stated the expert. “It is obvious that the desire for people to own their own home or move up the ladder is as strong as ever, evident through the fact that there are still 11 people chasing every instruction across the UK. We have every reason to be confident about the property market’s long-term prospects.”
There is typically a boost to residential property markets in spring, as buyers come out of their winter hibernation and feel more optimistic about the future.
With uncertainty building in Europe and elsewhere, the urge to own a piece of real estate, with the physical and financial security that this confers, may indeed grow more powerful in the months to come.