The electorate has once again surprised the pundits and the general election has ended in a hung Parliament. There can be little doubt that whatever your political views, a hung parliament at this very crucial time in our nation’s history is not good news. On a more positive note there will be much more cross-party discussion ensuring thorough and robust debate on key issues, most especially Brexit and the economy.
However, the housing market in May has proved resilient, despite political uncertainty. The average property price in the UK hit an all-time high of £303,200 in May. Across England and Wales this year house prices have increased by 4.8%, a rise on the previous month’s 3.5% according to the most recent HPI from Your Move. The latest figures from the Land Registry showed that in March London prices increased 1.5% with outer London recording an increase of 5%.
Your Move said house prices rose by 0.3% month-on-month in May as the housing market remained strong. An estimated 62,500 homes changed hands in May, a substantial figure demonstrating the housing market remains buoyant.