Sales levels unchanged after hung parliament election result

Mortgage Introducer

June 27, 2017

Sales levels stayed the same after the hung parliament General Election result, research from Jackson-Stops & Staff’s has found.

Over half (55%) of branches reported no change in the level of sales instructions in the two weeks after the result compared to the two weeks before.

Nick Leeming, chairman of Jackson-Stops & Staff’s, said: “While the General Election did not bring about the strong government that either we or Mrs May had hoped for, our buyers and sellers have remained remarkably unfazed by this with most of our branches across the UK reporting that it’s business as usual.

There was a pre-General Election remortgage surge

“Personal drivers such as the need for a larger home or a shift in lifestyle in a new location are driving decision making in the market – rather than political factors.

“Interestingly, stamp duty land tax on high value properties is a far greater threat to the property market, and we therefore hope that this is a key consideration for the new housing minister as he turns his attention to improving fluidity and the level of supply in the UK housing market.”

Four in five (82%) of the 44 estate agency branches said the higher levels of stamp duty tax on homes over £1m is a bigger inhibitor on their local market (82%) than political factors like Brexit and the election result.

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