The snap General Election announcement has failed to shake or stir the UK property market, says a major firm of agents.
Jackson-Stops & Staff’s national network of 44 branches was asked about the effects of the announcement one week later.
The vast majority of branches (93%) reported no change in the level of sales instructions compared to the week prior the announcement.
While some current clients have voiced a concern about the market – 38% of branches reported that at least one client had raised the General Election as a negative in the course of conversation – the instances were very few and restricted to fewer than five clients.
Just 16% of branches have reported any mutterings from buyers thinking of holding back from entering the market until after the election.
Nick Leeming, Jackson-Stops & Staff’s chairman, said: “All markets react badly to uncertainty, and significant political events traditionally do impact activity levels quite significantly.
“This particular snap General Election announcement is different, however, due to both the short time-frame and political fatigue which the country is suffering from.
“Political uncertainty is fast becoming the norm and our insight suggests that following a raft of elections, referenda and general political intervention in the housing market, our customers want to get on with life.
“Six weeks is a blink of an eye in property market terms, so for the vast majority of buyers and sellers it’s business as usual. We expect to see restraint perhaps in the week of the election as buyers and sellers await the outcome.”
Jackson-Stops & Staff’s findings are largely borne out by a poll by mortgage firm John Charcol which asked 142 people in a Twitter poll whether the election will make any difference to their immediate plans to buy or sell – 77% said it would make no difference.