Prospective homebuyers should try to secure a deal before the general election because prices are likely to rise after next month’s vote, the UK’s largest independent estate agent said on Monday.
Prices rose by 0.9% across the UK in March and were up 5.6% on the same month last year, Haart said. Demand from buyers increased by 22% over the month.
In London, where the market had been falling, prices rose by 6.7% in March, driven by renewed interest from buyers. The agency said it had 19 buyers registered for each property on sale in the capital.
Haart’s index, which is based on sales at 100 branches around the UK, put the average price of a home at a new high of £206,726. In London, the average price was £492,119.
Other indices have suggested the election may have deterred both buyers and sellers from entering the market. The latest monthly report from surveyors shows a fall in stock for sale and a slowdown in demand, but says prices could rise unless more homes become available for sale.
Haart’s chief executive, Paul Smith, said: “Our advice to both buyers and sellers has been to enter the property market before heading to the ballot box in May, if they are considering doing so this year.
“History tells us property prices tend to take a swing upward after a general election, and even for those current homeowners upsizing, the increase in price on their new home will be greater than any gains made through sitting tight in their current property.”
