The latest statistics published by the land registry reveal that in March, 25 of the 33 London boroughs recorded positive property price movements compared to the previous month. The report also suggests that there was a drop in the number of transactions which primarily affected the high-end property market.
According to British property agent Foxtons (FOXT.L) many potential buyers and sellers are delaying their decisions until the outcome of the General Election is known. Foxtons just released a trading update and reported a 12% drop in sales commissions for Q1 2015. Research carried out by Jefferies in fact shows that property transactions slow ahead of a general election, to be followed by a price spike at the time of the vote and in the following six months. With a large percentage of voters still unsure as to their voting intentions, the outcome of the elections is still highly unpredictable.
In the meantime developers keep scrambling to secure development sites across the Capital, reassured by declarations made by the major political parties on the need to build more homes.
