The UK hybrid estate agent eMoov.co.uk has conducted online research on 1,000 UK home buyers and 1,000 sellers in order to gage the public feeling since the announcement of the snap election. The leading online estate agents asked the participants about what they would do following the announcement of the snap general election. The research was carried out to see whether people are more likely to continue to buy or sell a house or wait before they enter the property market.
The research has suggested that both buyers and sellers appear to be undeterred by the revelation of the election. In both the buyers and seller’s cases, the participants in the study suggested they would carry on with the transaction despite the news of the election.
The data collected by eMoov showed 56.7% of sellers said that they would continue to sell their property regardless of the election news. However, 24.4% of the sample said that the election news had left them undecided about selling. For the buyers 59.2% said that the snap election hasn’t changed their decision to purchase a property. Of the buyers asked by the estate agents though, 22.7% have said that the news has made them undecided about whether or not to wait to purchase a house until after the election.
It is thought that initially the news of the snap election that was announced by Theresa May last week hasn’t stopped most of the home buyers and sellers in the UK.
The decision that has been made by the Prime Minister looks to settle any opposition in the UK government around the referendum result and Britain’s decision to leave the European Union. Since the vote to leave the EU the UK markets has seemed resilient despite the pessimistic forecasts. Buyer uncertainty can lead to a dip in the housing market.
