General Election has caused ‘minor drop’ in market activity - claim

Around a fifth of estate agents have seen a drop in buyer activity and almost a third claim sellers have gone quiet since the General Election was called, but it is business as usual for most.

A a survey of 846 estate agents, commissioned by GetAgent, found that since the election date was announced, 58% have seen buyer enquiry levels remain consistent, while 16% have actually seen an increase. 

Just 26% stated that they have seen a reduction in buyer interest, as potential buyers put a hold on their plans to purchase in hope of a government-led incentive come July.

It seems that sellers are also largely unfazed by the prospect of an upcoming election, with 57% of agents noting the same level of seller activity since the announcement was made. 

However, 31% have seen a reduction in enquiries since the election was called, suggesting that like some buyers, a segment of sellers are also keen to wait and see what potential incentives are announced. 

Colby Short, chief executive of GetAgent, said: “The UK property market has continued to demonstrate its extraordinary resilience in recent months and the upcoming election is expected to have little impact on the strong level of market activity that has been building so far this year. 

“Of course, there is a good chance that both parties will dangle some sort of carrot in front of homebuyers in the form of a property purchasing incentive and so there are a small proportion of buyers who are now deciding to sit tight until July. 

“However, it seems as though sellers are less fazed and are continuing to move forward with their plans to sell and so we don’t anticipate any lull in market activity over the coming month or so.”