Well, what a very surprising and completely unpredicted General Election night that was.
Despite all the reams of evidence and widespread forecasts that it would be extraordinarily tight, perhaps the closest in history, and with the strongly anticipated likelihood that another 'election' would immediately take place within the main parties in order pair up to govern in a coalition, to the shock of many (including the experts) the Conservatives were returned with a majority. Marzipan hat anyone?
As is usual in the months before a General Election, the mood is always wary in numerous quarters across the land; with the housing market being no different because many buyers and sellers tend to sit on the fence until they know what they are facing. One of the major concerns pre-election was what a future Government would do for the housing market and, irrespective of political viewpoints, the marketplace certainly benefits from a stable Government, as doubt always puts a spoke in the works.
However, now that is it over, and we do not have to wait further to see who joins with who, we confidently predict that there will be an increase in buyer activity and specifically for the larger family homes, which had been extremely quiet in the run up to the vote.
The key reason for the stall in this particular area was due to the lurking spectre of the controversial "Mansion Tax", which certainly (and understandably) cast a large shadow on properties with a value of £2 million plus. With this scheme now shelved, for good or for bad, this end of the market will now surely benefit with people once again ready to entertain moving and, additionally, the knock-on effect will be felt throughout the housing spectrum.
The only important unknown currently, and it is a key one, is whether stock levels will now improve. The clear message here is that if availability does not increase then now is an ideal time to take advantage of the increase in buyer activity and an opportunity to command a fantastic price.