Property Market Unshaken by Snap General Election Plans

The property market appears unshaken by yesterday’s announcement of a snap general election by the Prime Minister, Theresa May.

Online estate agent eMoov.co.uk has provided the first snapshot of public sentiment since the snap general election plans were announced yesterday morning.

Property Market Unshaken by Snap General Election Plans

Property Market Unshaken by Snap General Election Plans

MPs will vote today whether the snap general election, scheduled for Thursday 8th June, will go ahead.

eMoov has assessed the opinion of 1,000 homebuyers and vendors following the announcement, asking: “Given today’s announcement of a snap general election, if you are buying/selling a house, will you still go ahead and buy/sell regardless?”

Both buyers and sellers alike seem undeterred by yesterday’s news, with the majority – in both cases – stating that they will continue with their property transaction, regardless of the snap general election or its outcome.

Sellers 

56.7% of sellers said that they would be continuing with their property sale and yesterday’s news didn’t matter.

24.4% said that the news had left them undecided.

Buyers

59.2% of buyers said that the decision of a snap general election didn’t matter and they would continue to purchase a property.

22.7% said that the plans had left them undecided on whether to pursue a property purchase until the election had taken place.

The Founder and CEO of eMoov, Russell Quirk, comments on the findings: “This initial look at both buyer and seller sentiment shows that the news of a snap election has failed to deter the majority of UK home sellers and buyers.

“This election is a bold move by Theresa May, and one that will look to settle any underlying opposition within the UK Government around Britain’s decision to leave the EU.”

He continues: “Since the vote to leave the EU, we’ve seen the market remain remarkably resilient, despite a degree of buyer uncertainty, which essentially acts as property transaction kryptonite. Therefore, the eradication of questions around the legitimacy of the EU vote, a second referendum and any other opposition, will only serve to buoy the housing market further and should see a large degree of stability return going forward.”

Will the snap general election affect your plans to buy or sell a property?

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