News
-
The Positive Election Effect
March 19th, 2010
Occasionally a forthcoming general election can have a seriously positive or negative consequence on the property market, depending on the expected affect of any particular policy that might change should another party gain power.
For example, in the past, promises of stamp duty holidays or other tax concessions have persuaded people to put off selling in the hope that they might sell on more favourable terms after the election.
However, this time around, none of the parties’ manifestos suggests anything dramatic enough to affect the market, apart perhaps for the possible partial removal of Home Information Packs. However, as the Energy Performance Certificate component of the pack is likely to remain, this may have a limited impact, especially when the other costs, such as the cost of purchasing searches etc would then be borne by you, as a purchaser, on your next purchase in any event.
You can of course take advantage of selling now, rather than waiting to “see what happens”. We know what’s going to happen – not much! Yet many people will wait before selling their home anyway. This will temporarily further reduce the supply of Durham property in an already undersupplied market, thereby supporting prices.
The floodgates could then open after the election, and you could find your property then has to compete with many other properties, making it harder to achieve its optimum price, especially as summer will by then be upon us.
Serious buyers of course are unlikely fundamentally to change their plans, either for the season, or the election. So if you are considering your selling options at this time, a strategic decision to sell sooner rather than later could represent perfect timing!
Please feel free to contact us, confidentially for the most up to date marketing advice on 0191 300 2103.
Leave a comment
