Should I wait to sell my property until after the election?

Should I wait to sell my property until after the election?

The short answer is no. Since the Chancellors autumn statement revolutionised Stamp Duty eliminating the slab structure and replacing it with a progressive system, we have seen an increase in transactions throughout the country especially at the £250,000 and £500,000 levels.

Economic and political commentators such as Grainne Gilmore at Knight Frank and Lucian Cook at Savills are in agreement that prices across the country will continue to rise. They are confident that prime Greater London is set to see rises of between 20 per cent and 25 per cent by the end of the decade, although prime Central London, with the spectre of the Mansion Tax, is being hit as both sales and prices are being compromised.

However for the majority below the £2million threshold, the change in Stamp Duty legislation has given an impetus to house hunters. In a recent report Rightmove announced that asking prices are now just shy of the highest recorded asking prices in June 2014.

The major difference we are seeing in the run up to this election is the significant number of buyers actively looking to make a purchase. The Mortgage Market Review in the spring of 2014 had an impact on potential buyers borrowing to finance their new home. However as the dust has settled buyers and lenders have become used to the stricter criteria and mortgage lending is again beginning to rise and lenders are offering increasingly competitive rates and deals.

There has also been a resurgence in the buy to let market. Delaying the decision to sell is not always the best choice. With a steady stream of buyers registering with estate agents those properties coming up for sale now will have less competition, a greater audience and a better chance of achieving the best price.

Marketing your home early not only gives you the time to achieve the best price it puts you in a better position when you find your next home. Putting off marketing your current home until you have found a property to buy is not always the best course of action – especially if you are looking in a popular area, there will be a lot of competing buyers. A vendor is more likely to be swayed by a buyer who not only offers the best price but is also in the best position – if you aren’t yet on the market or don’t already have a buyer, that won’t be you.

If you have a property question for Simon email livelocal@archant.co.uk