Property market bounces back in the lead up to the General Election

New figures show

Amount of stock increased by almost six per cent across the UK and by nine per cent in London in May.

Average amount first-time buyers pay for their deposit jumped up 7.7 per cent on the year.

Landlords are paying 13 per cent more for their buy-to-let properties in London than the same time last year.

Paul Smith, CEO of haart, the UK’s largest independent estate agent, comments: “On the cusp of the General Election the UK property market is showing signs of improvement. Stock of new homes for sale has increased by almost six per cent across the UK and by a huge nine per cent on the month in London. And although it remains a tough market for first-time buyers who have seen their deposits rise again this month, we saw an 11 per cent increase in new buyers looking to take their first step onto the ladder in May. 

“It is clear that the impending General Election and the forthcoming Brexit negotiations are now not effecting the aspirations of home buyers. 

“When the UK has a new Government in place on June 9th, we can expect the UK property market to experience a boost, benefiting from a rise in consumer confidence during the inevitable post-election political honeymoon.

“It is obvious that the desire for people to own their own home or move up the ladder is as strong as ever, evident through the fact that there are still 11 buyers chasing every instruction across the UK. We have every reason to be confident about the property market’s long-term prospects – but a greater emphasis from the next government on helping aspiring home owners and increasing the amount of stock would certainly not go amiss.”