The General Election is slowing down the housing market

Property professionals are blaming the UK General Election for a slowdown in house sales and slowing price growth.

The Royal Institute of Chartered Surveyors (RICS)’s monthly survey of its members “points to a lacklustre set of overall conditions” in May, with sales declining by 8%. The number of new houses being put into the market is also declining.

“The General Election is again commonly cited as a factor hindering activity, causing some hesitancy from both buyers and vendors,” RICS writes in the report. It says many sellers have been adopting “a wait and see approach.”

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