The looming election has caused some concern in various UK industries and sectors; however, this recent OTM report suggests that the housing market is going against the grain.
Their data suggests no evidence of a slowdown in activity, with the last month seeing a significant surge in buyer sentiment to the highest level this year – skyrocketing to 85% compared to 64% in April.
OTM suggests that increased available stock, improved weather conditions, and inflation rates are the main drivers behind this renewed confidence.
Jason Tebb, OnTheMarket President, feels equally assured about the state of the market in the coming months. He said: “Elections are renowned for introducing uncertainty and pausing activity in the housing market until it is known who is forming the new government and what its initial plans are. But this election does not seem to be causing indecision as the outcome is not only considered by many to be a foregone conclusion but also not one of particular concern to the market.
“There is a sense that many have put decisions on hold for long enough while interest rates have risen or been held and are now understandably keen to get on with their lives.
“Ultimately, this feels like quite a healthy market as we head towards summer, with activity and transactions picking up, interest rates poised to come down, and property prices not running away with themselves.”
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