A recent report has found there to be increased caution in the property market in April during the run-up to the general election . Industry figures released by property company Hometrack report a loss of momentum, with buyers taking longer to commit to the purchase of a property, and estate agents finding it more difficult to sell properties on their books.
There has been an increase in the number of viewings needed per sale for the third consecutive month, and the rate at which properties in England and Wales were coming on to the market was greater than demand from new buyers.
It was reported that the average first-time buyer property price rose by 0.3 per cent in April to GBP155,242, an increase of one per cent on the same month last year. The number of properties coming onto the market in April rose by 3.7 per cent, although the number of new potential buyers registering with estate agents only increased by around one per cent.
Although the value of property had been increasing recently, these figures have reversed the upward trend in house prices in England and Wales. It is thought that the uncertainty over the general election was contributing to the caution in the market
Richard Donnell, director of research at Hometrack, said that "There has been evidence for some months that the supply/demand balance has been changing steadily, but the buyer slowdown has been exacerbated by the announcement of a May election."
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Slow down of property market before general election Tue, 04 May 2010
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