theRatandMouse - London's property blog

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Tales from the front line... "election jitters"

Last week of February: I find myself still be-moaning the lack of stock. Frustratingly little choice and really bullish vendors holding out for 2007 prices. First week of March: Blimey, that's good. A really marked increase in new properties and price reductions hitting the in-box. Agents calling and they all sound a bit relieved-as am I. Second week of March: Client calls: "I'm thinking about sitting back for a little while, watching what happens with the election." Another client: "I'm not sure if I want to continue with the purchase. I think there may be better opportunities after the election." And another: "My buyer has threatened to pull out. He wants to re-negotiate."

If election concerns are causing a trend towards buyer caution, I've a hunch it won't be a trend finishing on May 7th.

Tracy Kellett runs leading buying agents BDI Homefinders. Follow her on Twitter, here.

Tales from the front line... "a buy-to-let dream" [March 5, 2010]
The Rat and Mouse interview - Tracy Kellett, homefinder, on not being a stuffy old duffer called Rupert [February 26, 2010]

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Comments

Great points and the whole idea of what will happen to the property market in the event of a hung Parliament needs a lot more exploration by minds greater than my own.

http://www.buyassociation.co.uk

Posted by Paul Collins at March 12, 2010 9:34 AM

Comments

Do you really think it's the election? I think it's more particularly uncertainty about what can be done about the dire state of the economy, which cannot possibly justify the level of house prices we are at.

http://www.pimlico-flats.co.uk

Posted by Nick at March 12, 2010 10:10 AM

Comments

Interesting comments, I personally think the clever buyers will buy now because the prices will not drop dramatically as is predicted and the purchasers will be battling many more buyers after the election than before.

Also there is only a short window between May and beginning of July before the summer holidays start and the market quietens naturally anyway. That’s a big ask expecting a dramatic increase in more affordable houses to come on the market in a short six week time span.