The latest UK Residential Market survey by RICS showed that the number of property owners selling-up has decreased for the second month in a row and, there has been a serious downturn in actual property sales and even enquiries in these months leading up to the Election.
A waiting game
Today’s Election is bound to have been causing some uncertainty in all areas of the UK economy, including the property market, as potential buyers and sellers wait for the Election results so they can factor in the policies from the relevant parties and see how best to act.
Lack of affordable houses is a serious concern
The lack of properties coming onto the market has had a knock on effect on price, with house prices rising at the fastest rate since last August, RICS (Royal Institution of Chartered Surveyors) reports.
This is a very real concern that poses a serious issue should it not be addressed in the coming months.
“The affordability and availability of homes in the UK is now a national emergency…addressing this crisis must be the priority for the new government,”
RICS’s head of policy, Jeremy Blackburn.
Tackling tight planning controls
Current housebuilding is failing to keep up with demand largely due to planning controls, causing an imbalance that could lead to property prices continuing to rise and restricting, particularly first time buyers, from entering the market with their smaller deposits.
This would be a downturn for the UK property market as with current interest rates low and schemes like the Help to Buy, first-time buyers are, at least for now, standing a chance of owning their own home.