Buyers and sellers in UK nationwide not put off by election jitters

The UK property market has seen a surge in buyer and seller activity despite reports of election uncertainty with average prices up 0.9% month on month, latest index shows.

It takes the average price in March to £206,726, according to the index from haart estate agents, the highest on record and prices are up 5.6% annually.

New buyer demand increased 22% month on month and sellers are not being put off by the election with homes for sale up 27%.

The data also shows that London property prices have moved out of negative territory, increasing 0.3% annually and 6.7% on the month after falling in February. This takes the average price in the city to £492,119.

‘Our advice to both buyers and sellers has been to enter the property market before heading to the ballot box in May, if they are considering doing so this year,’ said Paul Smith, chief executive officer of haart which has a network of over 200 branches nationwide.

‘History tells us property prices tend to take a swing upward after a general election and even for those current homeowners upsizing, the increase in price on their new home will be greater than any gains made through sitting tight in their current property,’ he explained.

‘Our latest data indicates that prospective buyers and sellers have put their ducks in a row and are entering the market in high levels this spring, undeterred by the whispers of market uncertainty. This in turn has driven up UK property prices by almost 1% in a single month and 5.6% annually,’ he pointed out.