UK property market forecast to take hit on political uncertainty

Growing evidence of slowdown in UK property market
Slow-down in activity in UK housing market in run up to UK election
Average UK house prices dropped in the three months to May
Halifax report annual house price growth fallen to a four-year low of 3.3 percent.
“Political instability breeds procrastination on the part of homebuyers and sellers”
Sterling drop will increase divide in housing market, first time buyers continue to struggle
House price growth has lost momentum, volumes continue to drop

UK property market forecast to take hit on political uncertainty

The United Kingdom has been dealt a couple of ‘shocks’ in the last year – Brexit and the Conservative’s lost majority in Parliament.

The only thing that these results definitively mean for the country is uncertainty. Whilst every voter and British resident works to navigate these unclear times there is an air of nervousness about how things will pan out. This is becoming clear through the commonly used temperature gauge of any Western economy – the housing market.

Latest data suggests that both Brexit and the UK election have negatively impacted the already overheated property market. With little foresight as to how the economy and government will move forward, the housing industry is feeling nervous.