With polling day on the 7th May this year the general election is fast approaching, although what will this mean for the property market?
With any general election there is an element of uncertainty, and with the forthcoming May election expected to one of the closest for years this is indeed uncertain times, albeit across all markets.
Just how exactly will the election impact the property market?
Each party's election manifesto will undoubtedly focus considerably on the property market, therefore whether you are a buy to let landlord, a buyer, or seller the uncertainty can cause some confusion.
If you are a first time buyer for instance then you may be interested to know that David Cameron has recently promised that 200,000 affordable homes will be made available for first time buyers, with a discount of up to 20% if the Tories win the election.
Mansion tax is another consideration for buyers and sellers alike, with Labour and the Liberal Democrats proposing a tax to properties worth more than £2 million. Although few of us may own such expensive homes, Zoopla state that there are 85,461 properties in London worth £2 million or more and 14,261 in the South-East.
As outlined in our market predictions for 2015, we do also believe that the Bank of England will likely increase the interest rate, which may see a slowdown in the market for final half of the year.
So when should you sell your home?
Well, according to Zoopla homeowners expect house prices to increase 7 per cent from now and in the run-up to the election.
Londoners are anticipating the sharpest increase in house prices, as they predict a 9 per cent boost in values by the summer.
Rightmove have also recently reported their busiest January ever, a 20% rise on the same time last year, with enquiries from home movers breaking 4 million in a month. The market is clearly currently awash with buyers, with the prospect of forthcoming election evidently not deterring buyers.
With the current favourable conditions in the property market and the anticipated rise in house prices, we truly believe that now is the best time to sell your home, and our friendly knowledgeable team can provide you with a free valuation of your property, or you can even register to sell with us today.