Market set for post-election surge
Sellers saw instructions increase by a third (34%) in the weekend after the election (9-10 May) compared to the one before (2-3 May).
In April 2015 annual house price growth reached its lowest level since July 2013 at 3.7% as the typical property price reached £208,717.
Paul Smith, chief executive of haart, said: “The pre-election property market held its breath in April but the election uncertainty did not have an overall stifling effect on the market – average property price growth for the UK slowed but did not come off the boil.
“However, there was a drop in activity from sellers and prospective buyers in the run up as a ‘wait and see’ attitude took hold of the market.
“We are already seeing the reversal of this with a flurry of activity from prospective sellers in the weekend immediately following the election – new property instructions soared 34% on the previous weekend and many branches reported the phones ringing non-stop.
“Continuity of government, no Mansion Tax and supportive policies like the Help to Buy ISA should keep the property market on its upward trajectory for the rest of 2015.”