What are you waiting for?
Thu 12 Feb 2015
The perceived wisdom for some in the property market seems to be 'Ill wait until after the General Election and see what happens.' Well Im going to challenge that view and ask 'why would you want to wait until there are more buyers in the market and possibly less property to sell?' It seems irrational to me and there are some very astute buyers active in the market who are taking advantage of market conditions, right now.
Whilst the outcome of the election is as hard to call as it ever has been, the actual outcome is going to make very little difference to the general state of the market whoever wins life will simply go on. Perhaps I am being nave however, I personally dont believe that Mansion Tax has a cat in hells chance of being introduced. Its populist claptrap, and when push comes to shove, theyll look at the cost versus revenue benefit and quietly drop the idea. That said, I think that they will replace it with a couple more council tax bands, so those owning expensive properties will end up paying more to live where they do, which on balance, is probably fair enough.
We will continue to have the lowest borrowing rates for a generation, London will continue to be a city of choice for UK, European and Foreign nationals alike, London will continue to be the driving force behind the creation of jobs and wealth, and will continue to be an aspirational place to live and work. So what are you waiting for?!
Of course there will still be properties to buy after the election however, and heres the crux of my argument; there will be a substantial number of 'fence sitters' who realise what Ive said above rings true and jump off that fence.
More demand coupled with limited supply = rising prices.