CrowdProperty CEO Mike Bristow has commented on Rightmove's latest House Price Index, with the data indicating that many buyers and sellers feel that the election result gives a window of stability to the housing market.
Regarding the slow-down in the housebuilding sector over the past year, Bristow explained: “The likelihood and then reality of the December Election unsurprisingly suppressed the second half of 2019 in markets throughout the property sector, from the number of new-build starts to the prices of finished units.
"Working as we do with small and medium sized developers, who make an important contribution towards housing supply, we observed a slower rate of new applications for funding in the second half of the year and longer purchase completion times reflecting the caution created by the overall economic and political turbulence.”
“As the latest Rightmove data indicates, we saw a push to complete purchases and a significant uplift in applications for development finance following the Election result, mirroring the increased confidence in the sales market.
"We would suggest that this reflects pent up buyer demand, especially in areas such as the Midlands, North and East of England.
"Less uncertainty in the market will inevitably lead to stronger growth in 2020 and a more confident environment for developers leading to more construction starts, which are critical to not further exaggerating the ongoing challenge of under-supply.”