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Assetz® Property News Service
Unstable property prices bode well for London househunters
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It may be the perfect time for mortgage-seekers in London to take up new deals, in light of reports that average property prices in the capital have fallen by some three per cent ahead of the general election.
Taking these figures from Haart Estate agents into account, it is thought that even those with poor credit or debt problems could find a bargain, with many sellers reducing asking prices by as much as 4.5 per cent. These developments have been attributed to pre-election concerns, and many believe that prices will rise again after the election on May 5th takes place.
"Impending general elections fuel uncertainty. Homebuyers are anxious about purchasing properties as they are wary of electoral outcomes and the looming tax rises that will further dent their budget," commented Russell Jervis, Haart managing director. "However this is in fact a great time for buyers to purchase a property as historic data tells us that property prices will bounce back post election."
Househunters may well be further encouraged to take advantage of lower prices this month with respect to the fact that average house prices nationwide rose last month to a level 2.3 per cent higher than last year. According to statistics released by SmartNewHomes the average price sat at £256,850, though significant variations were recorded across different property types. In spite of all this prices in March fell month on month by 0.8 per cent, suggesting that pre-election jitters may have begun taking effect earlier than anticipated.
"As we predicted, the housing market is on the turn and prices are beginning to increase again," said David Bexon, chief executive of SmartNewHomes.
"However we are not out of the woods yet. Many factors could still hamper market growth, including the possibility of interest rate rises or continued warnings forecasting a crash. In addition, the imminent election is likely to slow activity for a few weeks but could then provoke an upsurge in activity following the result," he added.
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