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Impending election 'to increase rural property supply'
11/03/10
Edited by Sophie Griffiths. The number of prime rural houses coming on the market is expected to increase significantly in the run-up to the general election widely expected on May 6th, it has been claimed.
Residential property consultant Prime Purchase said that the main factor behind its forecast is the prospect of a hung parliament, which could make it harder to achieve political consensus on public spending cuts and economic reforms needed to get the UK into a sustainable recovery.
A hung parliament would also increase the risk of a further weakening of the pound, higher inflation and interest rate rises.
In light of this, owners of rural properties are expected to try to sell "sooner rather than later", said Prime Purchase's William Marsden-Smedley.
According to the company's head of country property Jonathan Bramwell, the indications are that a "growing stock" of homes will come on the market over the next six to eight weeks.
"This [is] being driven by vendors' concerns that the country market, post-election, will not deliver any higher prices that can be achieved now," he commented.
According to Nationwide, the overall average UK house price stood at £161,320 in February.
