Andy Sommerville, Director at Search Acumen, comments on the latest RICS Residential Market Survey for April 2017:
“April’s figures demonstrate that the political and economic uncertainty is continuing to take its toll on the UK property market, with buyer interest and number of sales continuing to decline and housing stock close to record lows. The calling of a general election has only served to dampen buyer’s appetite further as many are choosing to exercise caution until greater clarity emerges about the future of the UK economy and their finances. Understandably for the next three months the market is forecasted to remain flat and stagnant with just 3% of respondents expecting to see a rise in sales.
“With an upcoming general election, this climate of caution looks set to continue for the short term at least. While elections create uncertainty they also enable opportunity. Political parties fine tuning their manifestos need to consider the critical issue of housing supply this country is facing and demonstrate they have innovative policies to introduce both immediate and long term redress to the UK housing market.”
