Home sellers are holding off on putting their property on the market in the run-up to the general election.
The UK goes to the polls on December 12, the first December election since 2010.
And the impending vote has given homeowners who intend to sell cold feet, coming on top of the Brexit uncertainty that has stalked the housing market for almost three years.
Big drop in new listings
Property listings site Rightmove revealed that October’s new listings had dropped by almost 15 percent compared to the same month a year ago.
It’s the biggest fall in new listings since August 2009, a point at which the credit crunch and worldwide financial crash was in full swing.
Asking prices have also fallen. Rightmove says asking prices are down by 1.3 percent across the whole of the UK month on month.
Home sellers taking longer to complete sale
Meanwhile, those sellers who do market their home are waiting longer now for a sale to complete.
Property listings site Zoopla says sales took an average 12.2 weeks to close between July and September this year, four weeks longer than the same time frame in 2016.
Listings, prices and falling demand are all linked to the UK’s political uncertainty.
Nick Whitten, research director of real estate company JLL, told the Telegraph that both buyers and sellers want clarity before committing to a sale, adding: “This pause has been more pronounced in the lead-up to key events.”
YOUR CONVEYANCING QUOTE IN SECONDS
There is no obligation, and you will see your quote online rather than having to wait for an email or call.
Which service do you require?
Fixed Fee Conveyancing
Excellent Trustpilot rating
CQS accredited solicitors
Customer Helpline Mon-Sun