Despite uncertainty over the General Election, house prices across England and Wales hit a new high in May with an average property price of £303,200. This continues the trend of month-on-month increases as the housing market has remained relatively strong.
A total of 62,500 homes changed hands reflecting confidence ahead of the election with a significant growth in activity in the North of England which has offset a reduction in volume of transactions in the South-East and East of England.
Transactions in the North-East rose by as much as 10% with surrounding regions (North West, Yorkshire & Humberside and the Midlands) showing increased activity along the same scale.
Estate agents have welcomed the news as experts warned of “ramifications” after the election returned a hung parliament i.e. no one party having a majority of seats. House markets favours certainty and industry insiders have emphasised this in a call for the main parties to ensure that their policies benefit the market.