The most interesting point is that property prices (on average) don’t go down right before the election.
Why does the election affect house sales?
The average Joe-public doesn’t like buying properties before an election. They like to wait, just to “see what happens”.
They feel nervous about making a large financial decision. That makes sense when the country’s direction is uncertain.
But as the election result sinks in:
- People feel more confident as they get to grips with the new government
- They feel more confident that they understand any new policy settings
- There is a natural bounce after the pull-back directly before the election
It’ll be harder to buy a house after the election
As we’ve seen, people say: “I’m going to wait to buy until after the election”.
That presents an opportunity for buyers.
That means there's less competition if you buy before the election compared to after.
So, it could be a good time to put in offers 0 - 10 months out from the big day.
More people will enter the market once officials have counted the votes.
If you decide to wait till after the election, you will face more competition. That’s whether or not we see a change in housing policy.