28 May

Capital prices on the rise after election

Capital prices on the rise after election

Following the general election result there has been a surge in asking prices in London, claims an industry website.

Figures show a 17 per cent increase in prices within the capital driven largely by high-value properties being put up for sale in recent weeks.

The data was produced by estate agent comparison site GetAgent.co.uk using figures obtained via four property search websites, Rightmove, Zoopla, Prime Location and OnTheMarket.

It would appear many homeowners of upmarket properties in the capital waited to see the outcome of the general election before putting up the for sale boards. The failure of Labour to win and therefore the removal of the threat of a mansion tax was likely to be welcomed by sellers at the high-end of the market.

Colby Short, co-founder of GetAgent said: "The stability of a majority government has clearly helped consumer confidence and the effect of this on the property market is borne out by these asking price increases."

Annual house price growth in the capital has gradually slowed down in recent months, but it would appear the general election outcome could kick-start the London market again.

However, property experts believe there are unlikely to be the frantic surges in prices seen at the beginning of last year.

Johnny Morris, head of research at Hamptons International, explained: "We expected to see an increase in listings and asking price after the election but there are two fundamental differences between this May and 12 months ago.

"Firstly, mortgage availability is tighter holding back first-time buyers. Secondly we saw a lot of buyers coming to the market last year as the country suffered from a long term slow erosion of stock."ADNFCR-1222-ID-801789162-ADNFCR

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