Political uncertainly often leads to a slow-down in the housing market, and both buyers and sellers across the UK do seem to be hanging tight to wait and see the outcome of the General Election and the uncertainty of a hung Parliament.
The talk of a coalition between the Conservatives and the Democratic Unionist Party, in light of no party winning an overall majority of seats, has caused further concern for some people and does not offer a clear view of the UK’s future political landscape.
A change in government can bring about both benefits and problems for home buyers and sellers, so people often choose to find out the results and see whether it is more beneficial to sell quickly, or to wait until a future budget.
These could include changes in rates of stamp duty, incentives for first time buyers, or changes in the interest rate that make it easier or more difficult to obtain a mortgage.
The UK property market has slowed over recent months, and while the General Election has undoubtedly played a part, commentators also attribute the cost of housing rising at a much faster pace than average wages to be a significant factor.
Political decisions will of course also have an impact on business and wages, so there is much to consider.
But it is not doom and gloom. Mortgages are still relatively easy to obtain and at some fantastic rates, which is encouraging for anyone looking to buy.
We are still helping families from all parts of the country move to their new homes, throughout the UK as well as Europe and worldwide. If you’re planning a move it’s important to book your removal firm early, so give us a call now to find out how we can make your moving day as stress-free as possible.
