"Personal drivers such as the need for a larger home or a shift in lifestyle in a new location are driving decision making in the market – rather than political factors."
55% of its branches reported no change in the level of sales instructions in the two weeks after the result compared to two weeks prior.
7% of branches saw an increase in the number of new instructions following the election result, which they believe could be due to a hung Parliament being more likely to result in a softer Brexit.
Although some clients have discussed the election result in relation to the sale of their home, fewer than 30% of branches say sellers have held off marketing their property as a result, while a resounding 72% of branches say that buyers have "shrugged their shoulders" and are continuing with the process of buying.
82% of branches say that the higher levels of stamp duty land tax on homes over £1 million is more of an inhibitor on their local market than political factors like Brexit and the election result.
Nick Leeming, Jackson-Stops & Staff’s Chairman, commented: “While the general election did not bring about the strong Government that either we or Mrs May had hoped for, our buyers and sellers have remained remarkably unfazed by this with most of our branches across the UK reporting that it’s business as usual.
"Personal drivers such as the need for a larger home or a shift in lifestyle in a new location are driving decision making in the market – rather than political factors. Interestingly, stamp duty land tax on high value properties is a far greater threat to the property market, and we therefore hope that this is a key consideration for the new housing minister as he turns his attention to improving fluidity and the level of supply in the UK housing market.”
