Don’t wait for the election to make your move

May 30, 2024

Director Ed Mackenzie Smith shares his insight on how politics impacts the property market.

While elections often spark speculation, the actual changes implemented by any incoming party tend to be more strategic rather than transformative in nature.

The fundamental factors influencing trading conditions, such as interest rates, appear to have reached a point of stability. The focus on inflation reduction is indeed a primary political goal, and while significant rate reductions are unlikely, a gradual easing of current rates seems plausible.

The demand for accurately priced property remains robust, underscoring the importance of setting a realistic price. Homeowners often worry about underselling their property, but this concern is generally unfounded.

When priced correctly, properties attract a larger pool of buyers, increasing competition and often leading to offers that exceed the initial asking price. Overpricing a property, on the other hand, can deter potential buyers and prolong the selling process.

For those contemplating a sale, now is an opportune moment to enter the market. The spring and early summer seasons are traditionally strong periods for property sales, offering favourable conditions to achieve a good price. Therefore, taking advantage of the current market dynamics could be beneficial.

If you’re a homeowner thinking of selling, please contact your local branch, where we will be happy to provide advice and guidance.

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