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Residential

How to sell your home during an Election year 260315

Q1 2015

Every five years the UK’s property market is affected by the run-up to the General Election. This year is no different.

Every five years the UK’s property market is affected by the run-up to the General Election. This year is no different.

London’s housing market is already cooling off and in the regions, data from Rightmove indicates a 4% dip in the number of homes launching for sale so far this year compared to last.

This fluctuation is accentuated by the exceptional year the property market had in 2014. Residential sales in the UK in the first 10 months of 2014 were 21% higher than in the same period in 2013 - the highest since 2007 with over three quarters of a million property sales recorded, research by Lloyds Bank shows.

The property market remains widely positive for this year however. Strutt & Parker is forecasting UK house price growth of 5% overall in 2015 as stability returns post-election. For now up until 6 May, a feeling of uncertainty can leave homeowners unsure of the best tactics to use when selling their home.

Matthew Rothery, Partner at Strutt & Parker Sevenoaks explains: “Our office had an exceptionally busy 2014. The housing market saw a renewed vigour not seen since before the recession. It demonstrates the incredible force of the two predominant market drivers - sentiment and confidence. When these factors are in any way strained, like during an election year, it becomes more pertinent to get every step of your property sale correct, from marketing to price.”

“Sellers need to work with their agents now more than ever to get the most out of this time period. Often, serious buyers will come to the fore and tactics like Open House Days are a great way of engaging with this kind of audience. This is exactly why Strutt & Parker are running the National Open House Day on 13th June to help drive focused buyers through the door.”

Rothery continues, “It is a great way of allowing people to see your home in a relaxed environment, whilst keeping a competitive edge. Buyers will get a chance to suss out other buyers on the day which can encourage people to put an offer down sooner. You can also find out what people say and don’t say about the house, which means you can adjust your sale tactics accordingly.”

James Mackenzie, head of Strutt & Parker’s Country Department, has seen a flurry of new buyers registering this year for the country prime market, but little increase in viewing figures. He similarly believes using methods like National Open House Day can encourage buyers to compromise and view properties just outside their search criteria that could end up being the ‘one’.

“We are witnessing at least double the amount of potential purchasers enquiring about properties we are currently offering or are now bringing to the market,” says Mackenzie. “However, our viewing levels are not higher, which would indicate that there are a significant number of people who are beginning to look at moving but are waiting to see what the market has in store for this year.”

Strutt & Parker’s National Open House Day is being held on Saturday 13th June 2015 and offered to all properties who wish to take part. On this day, buyers will be able to view at their leisure as many homes as they like, in any region they want and at any time that suits them between 10am and 4pm. Whether you’re a buyer or a seller, for those interested in taking part, please visit www.struttandparker.com/openday