A POLITICAL stun grenade hit the property market today – and as one expert commented: “It’s the last thing the housing market needed right now”.
Any period of political uncertainty tends to halt activity in the housing market, and as we enter what is usually peak summer activity, property transactions are almost certain to stall.
Brits most affected will be the buyers and sellers dipping their toes in the market – who usually put their homes up for sale or start looking at what is on offer.
For now though, they will most likely stay put in their homes instead.
Alex Gosling, CEO of HouseSimple.com, explains: “The last thing the housing market needed right now, with house growth slowing, was a hung parliament, and that’s exactly what it’s got.”
Brian Murphy, head of lending at Mortgage Advice Bureau (Holdings) PLC (LON:MAB1) said: If you look past the sentiment and shock, little has actually changed.
No new laws have been passed overnight and for those people already in the buying or selling process, nothing has changed overnight either.
It’s quite likely that as far as the UK property market is concerned, come next week it will be business as usual.