Latest Market Comment from David Edwards our Managing Director -
We all now wait for the outcome of Thursdays vote. As usual as we lead up to the election things have gone a little bit quieter in the sales and lettings sector as people wait to see what is going to happen.
In today’s world anything seems to be possible, so as usual people like to wait and see what is happening before they make any decisions. It’s difficult to tell who will be the best government for the property market. According to an article in ‘Property Eye’ it has been Labour! Where prices whilst they had been in power have as an average raised by 16.62% compared with the Tories at 15.14%.
As usual the property industry just likes consistency and stability. Stability is not a strong factor at this moment in time with terrorist attacks and Brexit. Hence Nationwide have issued reports that house prices have fallen for the third month in a row which has slowed the annual growth rate in May to 2.1%. Market caution is one reason for this, but also buyers are under pressure from inflation and low wage growth.
We will keep you posted after the election.