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Today’s the day but agents warned uncertainty could drag on for weeks
A national valuations firm says that activity plummeted last month, while a supplier of estate agency boards said business was well down because of election uncertainty.
Agents may need to brace themselves for weeks of more of the same – with the BBC raising the possibility of another general election in July.
Connells Survey & Valuation said the number of valuations it conducted in April was 32% down on March.
Despite the monthly fall, there were 13% more valuations than in April last year. Without buy-to-let activity, however, the annual rise would have been far less.
John Bagshaw, corporate services director of Connells Survey & Valuation, said:“The dip from March is generally a seasonal effect at this time of year. However, if this monthly slowdown continues further, we’ll know that something has changed more fundamentally.
“Yet so far, there is no sign of a serious housing market slowdown as the UK wakes up to polling day.”
The biggest monthly fall was in the buy-to-let market which contracted 36% in April but was up 29% on April 2014.
Bagshaw said talk of rent controls and extended tenancy periods could have stopped landlords investing pending the outcome of today’s election.
The number of valuations carried out on behalf of new buyers fell 33% since March, leaving first-time buyer activity up 7% compared to the same month last year.
Valuations for established home movers contracted 27% compared to March and were up just 3% over the year since April 2014.
Separately, boards firm Agency Express said that the “normally robust” month of April had seen business deteriorate.
Properties converting to Sold status dropped by 4.9% and new For Sale listings by 3.8%.
The last declines in April were in April 2010 – the month before that year’s general election – although they were smaller.
Stephen Watson, managing director of Agency Express, said: “What is usually a robust and active market across the nation, has seemingly halted in anticipation of today’s election.
“This trend did occur five years ago, although to a higher degree this year.
“It will be interesting to see the result of this general election and how that is going to impact the UK property market moving forwards.”
Last night estate agent Kevin Hollinrake – chairman of Hunters and who is standing in the safe Tory seat of Thirsk and Malton – sent this message to Eye readers: “Vote Conservative! Alternative is unthinkable for our industry and the wider economic health of the country.”
Yesterday, the BBC lunchtime news carried speculation that the election uncertainty could continue for weeks, with the possibility of another general election in July if no politician is able to form a government.
