What Are We Waiting For
August 1, 2024
We find grounds for optimism for the Autumn property market following the General Election.
Hush, don’t mention green shoots. Those two words are guaranteed to put the mockers on just about anything. However – whisper it quietly we must – there is a stirring in the property market. After what seems like forever more properties are becoming available, giving buyers a greater choice and putting some fun back into house-hunting.
It’s far too early for the newly-elected government to take the credit, but the general election has enabled us to cross one item off the long list of things people are waiting for before they buy and sell property.
There always seems to be something on the list. Now it could be the end of the summer holidays, the US general election or Christmas. These events may have varying degrees of impact on the property market through influencing buyer and seller behaviour. Another thing buyers may be waiting for is a reduction in mortgage interest rates which, on current expectations, could be this month or next. But with more property becoming available and some confidence returning there is a real chance the property market will shake off the lethargy of the past few years. It may even have done so already.
Over the longer term the new government will have to fulfil its pre-election housing promises. The Labour Party has pledged to build 1.5 million homes over five years, partly by streamlining the planning process and recruiting 300 additional planning officers. If these promises are kept they could significantly impact the property market, potentially further increasing supply and making home purchase more affordable. The new minister of housing, Angela Rayner, is spearheading this bold initiative. Rayner is the twenty-second Minister of Housing in the past twenty years. Labour are making housing a pivotal part of the country’s growth strategy. Finally, someone seems to have read the memo.
Let’s hope we will get the homes we’ve been promised. But in the meantime, let’s stop waiting and realise something all good estate agents know: that the best time to buy and sell property is when the buyer and the seller are ready, willing and able. There really is no better time.
