The high-end property market has all but frozen ahead of the general election, temporarily paralysed by uncertainty and the mountain of potential policies such as Labour’s mansion tax.
Estate agents specialising in the high end market in London and part of the beating heart of London, known for their affluent clients, their seemingly complete indifference to market forces are having to admit that the market for multi million pound homes (at least for now) is stagnating.
But developers, agents, and advisers are bracing themselves for what could be a double hit on the property market should the possibility of a second election occur soon after May 7. Such a situation could potentially force the London property market into lockdown.
While a double run election still isn’t the most likely outcome; in an election this closely contested it’s still a possibility, said Andrew Hawkins, the chief executive of the political polling organisation, ComRes.
Both the anticipation of a second election or a loosely puzzled coalition lacking the trust of the people of Britain could have dire consequences for an already jittery property market, particularly in the upper end of the London sector.