The Sunday Times: Britain Back on Sale
- By Adam Foster
- 15 May 2015
Like “a whirling dervish”, “the centre of a hurricane” and “a tap turned to maximum flow” — that’s how estate agents describe the 24 hours after the Conservative election win.
Like the prospects for a good summer, then, today’s bright outlook for the housing market is open to change — so while sellers may take advantage of a Cameron bounce, should canny buyers hold back to see if a reality check kicks in? Judged by reports from around the country, many are diving in head first.
No surprise, then, that some agents predict price hikes, bunfights between buyers and a renaissance in the sale of £2m-plus homes. This boomlet is not confined to London and the southeast, and not just to posh homes saved from mansion tax. Agents in almost every region report increased trade since May 8.
After uncertainty caused an 8% quarterly drop in the average prime central London house price to £1,599,193, “frenzy’, “euphoria” and “bonkers” don’t do justice to the reaction to a Tory win. The day after the election Russell Simpson did £50m of business.