Asking prices in London are at an all-time high, proving that election uncertainty has not got in the way of property investment as we lead up to the general election in a few weeks time.
In contrast to the usual trend of waning transactions in the period preceding an election, the amount of new sellers this month is up 4 per cent on April. This information, which comes from property website Rightmove, is in contrast to overall national statistics, which found that the number of overall sellers opting to put their homes on the market remained unchanged.
Sellers often opt to wait out the election period in order to ascertain what effect a new government is likely to have on their transaction. However, the figures from Rightmove suggest that Theresa May’s snap election has not had such an impact upon current investment in the property market.
The results from property portal Rightmove found that the average asking price in London in May was £649,864, marking a 2.1 per cent rise from last month.
Key London boroughs that saw an increase in asking prices were Barnet, which was up 1.3 per cent to £737,881, and Lambeth, which saw prices rise by 1.7 per cent to £659,993.
However, prices in other London boroughs fared less well. There was less confidence in areas such as Westminster, within which the average asking price was down a significant 14.1 per cent, to £1.8 million over the same period.
The annual growth rate remained somewhat subdued in comparison to previous years, at just 0.9 per cent per annum.
Rightmove’s Miles Shipside commented on the figures, saying: ‘Time will tell how close these sellers get to their asking prices.’