Elections cause the house prices to fall

Elections cause the house prices to fall

The price of houses registered a fall this month as potential buyers are hesitating to purchase any property before general election as there could be any economic and tax changes after election.

Although the prices in April are 1.8 per cent higher than previous year prices but as compared to 0.3 per cent increase in month of February and March, there has been 0.2 percent increase in price in April.

Home track’s director of research, Richard Donnell said, “The bounce in market confidence over 2009 was all about pent-up demand feeding back into an undersupplied market. Rising unemployment, lack of mortgage funding, public-spending cuts and the prospect of tax rises post-election.”

The number of new buyers registering with agents shows the weakest growth this year with increase of only 1 percent.

As per report the house prices increases just 19% in the rest part of the country but in London alone, the proportion was more than double that at 44% and growth in house price was 0.6%.

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