Election fears stifle property market (From Watford Observer)

Election fears stifle property market

9:10am Friday 12th March 2010 in

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The upturn in the UK’s property market slowed in February as buyers and vendors adopted a “wait and see” approach in the run up to the general election.

Fourteen per cent fewer estate agents reported a rise in property prices to the Royal Institute of Chartered Surveyors last month than in January it was revealed this week.

“The possibility of budget cuts and tax rises are causing many prospective vendors to await the outcome of the election,” said David Plaister MD of LetAssured UK.

“However, landlords should be aware that the current level of house prices when allied to the recent improvements in buy-to-let finance probably creates an excellent environment in which to extend property portfolios.

“It is highly likely that house prices will resume their upward trend after an election regardless of which party wins.”