Property Investors Rush Back Into UK Property Market
Property Market Sees Buyers Return On Good News Exit Polls
Within about 5 minutes of the exit polls on election day the mobile phones of London's estate agents were ringing. International buyers were panicked and sellers were calling to increase the asking prices of their homes that had previously not been selling. As soon as it was clear that a Conservative government was to be elected the phones were ringing off their hooks.
The very next morning solicitors across London were sent funds and told to complete property sales on the same day. Such was the panic amongst wealthy buyers to seal a deal before vendors put up their prices.
Buyers were panic stricken with instructions to complete any sale immediately
Those buyers who didn't manage to get there properties completed were told that they would have to pay more. Many of these sales had been dragging on because buyers were concerned about a mansion tax and were more than likely going to ask or a price reduction. This changed overnight with the Labour Pry defeat and all fears of a mansion tax disappeared with it.
It is quite incredible to see the change in peoples attitudes over a 24 hour period as buyers were able to plan ahead knowing they were not going to get clobbered by Labour taxes.
Mansion Tax has been averted for now
Such was the fear that Labour had created it is likely the London property market would have seen house prices falling as sellers clambered to sell their expensive pads that would have been in the Labour Party mansion tax grab. It is also fair to say that this would have had a detrimental effect on the housing market across the south-east of England where there is do much property wealth.
Thankfully this has been averted for another five years and we can look forward to a buoyant property market. David Cameron will not want to see the housing recovery falter as he sees a healthy housing market critical to a healthy economy.