Buyers suffer pre-election jitters

LSL's House Price Index for March shows a slowing property market as buyers suffer from pre-election jitters (aren't we all?).

The LSL Index fell to its lowest growth rate since 2013, with the annual change down to 5.6%(£14,620).

Despite the slow-down, the market still saw a rise, with the average property price across England and Wales setting a new high -  £275,123.

The agency chain blamed the election for the sluggish market, with supply down 5% on last years first quarter.

Average House Price - £275,123 

LSL Index - 267.7 

Monthly Change % -  0.2 

Annual Change % - 5.6 

Annual Change % (excluding London & SE) - 3.5


Director, Adrian Gill commented: 

“Property prices in England and Wales continue to hit new heights, yet the cogs of the machinery are flagging to the most laboured pace we’ve witnessed for sixteen months. Slowing to 5.6% in March 2015, annual house price growth has now been waning for half a year, and hasn’t been this sluggish since November 2013. But with homes on average worth £14,620 more than a year ago, it’s a far cry from anything worth lamenting from a bird’s eye view – even if people on the ground might feel somewhat differently. While price inflation simply isn’t as rapid as it was, the stamina is still strong, and prices edged forward another 0.2% in March. "

"With the General Election tightening its tempo every week up until May 7th, cautious buyers are holding back to wait and see which way the chips fall." 

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