Leading national estate agent Strutt & Parker and its retained economic advisors Volterra have revised their house price forecast following the General Election and are now predicting 5% growth across the UK during the remainder of 2015, up from 3.0% pre-election.

They expect Prime Central London (PCL) house prices to grow 3.5% in 2015, revised up from 0% pre-election.

It is expected that the more property tax favourable approach of the Conservative party should help increase confidence for those buying and selling homes over £1.5m across the UK.

Guy Robinson, Head of Regional Residential Agency at Strutt & Parker, said: “Experience tells us that the lull in the residential market before an election is always followed by a spike in activity in the immediate post-election period, which should be followed by normal sales activity for the remainder of the year.”

Charlie Willis, Head of London Residential Agency at Strutt & Parker, said: “We have seen a renewed confidence and vigour return to the prime markets in the days following the election result and expect to see a surge in pent up activity levels as a result.”

James Mackenzie, Head of the Country House Department at Strutt & Parker, said: “The surprise election result should see confidence return to the prime country house market. Buyers will likely not be rushing to the market but, if priced sensibly, an increase in transactions will lead to a slight increase in values as demand returns.”

Kevin Maley, Partner at Strutt & Parker in Inverness, said: “Now that the Scottish Referendum and the General Election are over, the housing market in Scotland should return to normal activity, although the devolution of further powers to Scotland from Westminster is likely to remain very much on the agenda.”

Strutt & Parker and Volterra Residential Price Forecast

*Post election