What does a hung parliament mean for the property market?

22nd June 2017

The snap election has created more questions than answers for the British public, and with Article 50 having only recently been triggered, the economy is in a state of flux. But what does this mean for the housing market in Brighton and Hove?

Property prices in the UK have dropped by an average of 0.4%, the first drop in house prices since 2009. As a consequence, the annual rate of price increase has slowed to 1.8%, the lowest since April 2013. The number of sales agreed has risen by 7% YoY, however, showing there is still an appetite for buying.

Miles Shipside, Rightmove director and housing market analyst said: “The price of property coming to the market had increased in June in every year since 2009, so buyer confidence has clearly been affected by inflation outstripping their pay packets and current political events.

“However, demand is still high and markets in some parts of the country seem to be getting used to coping with instability and are still strong. The high levels of sales being agreed show that the underlying fundamentals are largely unchanged with high first-time buyer demand which drives movement higher up the ladder, all aided by the cheap cost of borrowing.”

The Rightmove report, released earlier this week, shows markets are performing at different speeds depending on location and property sectors. Political uncertainty isn’t deterring the desire to own your own property, with the first-time buyer sector now the fastest growing. Newly-listed prices within this sector are surging by 3.5% month-on-month and 5.5% year-on-year.

Properties in the North are selling faster than those in the South, with an average of 11% increase on agreed sale YoY compared to 3%. London (-2.4%) and the South East (-0.9%) have recorded the largest monthly falls in newly listed property prices, which is dragging the national average down. Brighton and Hove’s geographical location, sandwiched between the sea and protected South Downs, means very little property development can take place. As a result, demand continues to outweigh supply and we expect property prices to re-stabilise in the coming months.

Looking to sell your house but worried about the current climate? Get in touch with our local experts today.

Testimonials

  • An efficient, professional and friendly service. Helpful and a pleasure to do business with.

    Mr Beddington Brading Road

  • Thanks David, all very professional.

    Mrs Flowers Foxdown Road

  • Our local office manager, Sharon Wareham was warm and friendly and kept us up to date at all times.

    Mr Hope The Brow

  • First class service from a first class team.

    Mr & Mrs English The Ridgway

  • Sharon, Harvey and James were all excellent - very professional. Totally opposite to what I have experienced with other agents. Maslen have restore...

    Ms Lyons Woodingdean

  • A very committed team who made the sale process very easy.

    Ms Rees Ticehurst Road

  • Very thorough & very informative.

    Mr Michnowicz Waldegrave Road

  • Good team. Straightforward. No nonsense.

    Mr Standing Newmarket Road

  • Very, very happy we chose you, felt right from the start! Thank you!

    Miss Blackadder Coniston Court, Holland Road

  • First class service. Friendly and professional.

    Mr Thorne The Avenue

  • As always, an excellent service. 

    Mr & Mrs Field Lewes Road

  • All very professional, kept updated throughout. Very pleased - Would recommend. 

    Mrs Hammond Hove

  • A completely painless experience from start to finish. Thank you.

    Mr Woolven & Mrs Bessant-Woolven Lewes Road

  • Sharon was amazing! She kept us up to date the whole way through the process. We cannot fault Sharon or the rest of her team. 

    Mr & Mrs Ashley Woodingdean

  • We were delighted with the service received from all the staff with whom we had contact,

    Dr Crichton The Ridgway

  • Graham Griffin provided us, and continues to provide us, will all-round excellent advice. We trust his knowledge and expertise.

    Mr Blackmore & Ms O'Sullivan Financial Services

  • Very impressed with the service. Sharon Wareham works tirelessly, very professionally and is always there for advice. 

    Miss Matthews Kipling Avenue

  • Extremely efficient. Nick and Paula are excellent. The weekly phone calls were much appreciated. 

    Ms Gray Lewes Road

  • Very impressive - professional and friendly, both Martin Timms and Paula Carter were excellent at keeping in contact with sensible advice based on...

    Mrs O'Connor Hove

  • We were very impressed with the Nick from start to finish. 

    Mr & Mrs Smith Lewes Road

  • Hugely impressed with Ben & his team.

    Mrs Mead Upper Lewes Road

  • Very pleased with the excellent service throughout. Professional, friendly, efficient and no hard sell. Achieved above asking price. Thank you!

    Mr Witten Lewes Road

  • Cannot express our appreciation enough of all the efforts made by the Woodingdean team - they were fantastic.

    Mr John Mogridge Woodingdean

  • Sold within 2 weeks for asking price "excellent!"

    Mr Grundy Bishops Road

  • Very pleased with the service. Many thanks to Sharon and the boys!

    Mr Flynn Woodingdean

  • Nick and Paula are total stars! They were incredibly supportive and present throughout. Thank you!

    Miss O'Haire Hove

  • I wish we had used you to sell our property! Nice to meet honest people, who are genuinely interested in helping. Very pleased.

    Mrs Porter Taunton Road

  • Exceptional service throughout the process - should we decide to sell in the future we wouldn't hesitate to use your agency. You're a cut above the...

    Ms Windels & Mr Barham Fiveways

  • Thank you for everything!

    Ms Tucker Willow Close

  • Very good service and communication. Paula was excellent.

    Mr & Mrs Scarboro 1 Pevensey Road

  • Harvey was helpful and easily reachable at the beginning of the process and Sharon kept us informed and was always happy to help.

    Ms Murch & Ms Mapa Ticehurst Road

  • Brilliant. Well done to Sharon and the Woodingdean team.

    Ms Curtis The Ridgway

  • I would recommend Maslen to anyone. 

    Mrs Tripp Woodingdean

  • I found the service to be courteous, friendly and efficient.

    Mr Upton Buller Road

  • Very pleased with the experience. I would definitely recommend you and use you again.

    Ms D Edmonds Horton Road

  • Superb service as usual, I would always recommend you.

    Ms S Hike Blackthorn Close

  • Best Estate Agents ever experienced - professional, approachable, competent and exemplary. 

    Mr & Mrs Guest Riley Road

  • Paula's role was brilliant. Having someone office based and available was so appreciated and her promptness an impressive service - every Estate Agent...

    Ms Wynn-Jones Baxter Street

  • Thank you. We found all the staff knowledgeable and really pleasant to deal with. 

    Ms Ansloos Lewes Road

  • You were amazingly helpful throughout - a real pillar of strength with a very difficult sale.

    Mrs Parkin Fiveways

  • Already recommended you! Thank you.

    Mr Edwards The Ridgway

  • Very happy with the service we got from you guys, everyone we dealt with was extremely friendly, professional and helpful. Thanks!

    Mr Brown Titian Road

  • Quality advice about when and how to sell, which was spot on. Thank you.

    Miss Coleman Buller Road

  • The staff were very helpful, an excellent service. I would recommend you to others.

    Miss Hockly Fiveways

  • Paula was absolutely amazing!

    Mr & Mrs MacKay Lewes Road

  • Ben was particularly enthusiastic and helpful. Martin, Paula, Sam and Will are all hard workers.

    Ms Goodey Franklin Road

  • Fantastic service. By far the best agents we have ever used, I cannot recommend you highly enough.

    Mr Field Mafeking Road

  • All agents at Maslen were extremely helpful and polite from the beginning to the completion of sale. 

    Mr Johnson Fiveways

  • Compared to your rivals, your service was excellent

    Ms McGrigor Milner Road

  • Very impressed with all dealings with Maslen. Paula Carter was in particular very knowledgeable and helpful. 

    Mr McBlane Hove

  • Service exceeded my expectations overall at all stages of the process - I wouldn't hesitate to recommend you. Thanks. 

    Ms Greene Lewes Road

  • Thanks for an excellent service. 

    Mr King Hove

  • Please thank Paula at Lewes Road - Excellent service. 

    Mr & Mrs Nuthall Lewes Road

  • Excellent customer service throughout. I will definitely recommend you, and use you again. Thank you.

    Ms Longley Kingsbury Street

  • Very helpful and patient team.

    Mrs Shea Selborne Place

  • Very professional service. Thank you!

    Miss New & Mr Jackson Buller Road

  • I have bought and sold 7 properties, and this was the best experience of an estate agents services I have found.

    Mrs Shepherd Hertford Road

  • Paul was absolutely brilliant. 

    Mrs Tasker Fiveways

  • Outstanding service from Sharon. James is an asset to Maslens & Harvey was so helpful and polite.

    Ms Cianchetta Selhurst Road

  • Paul Wilkinson was extremely helpful and efficient. The only problem was the vendors solicitor and Paul warned me of this. A good transaction all r...

    Mr Lavender Fiveways

  • Many thanks to Nick. It was an easy process thanks to you! I'm extremely satisfied with how the sale went, great job.

    Ms Mayanobe Aymer Road

  • Maslens as a whole were really friendly and professional. I have to thank and congratulate Paula Carter for being superb at her job and exceeding m...

    Ms Warren Hove

  • Great service, always polite and friendly. Excellent contact and info all the way.

    Mr Wells Bishops Road

  • All the staff I dealt with were excellent. Sharon worked really hard to complete the sale.

    Mrs Bent Falmer Gardens

  • The sale was dealt with swiftly, professionally and successfully. Thank you Maslen!

    Mrs Lincoln Hove

  • Thank you Paul and Archie, you gave an excellent service, as well as Kelly. I look forward to working with you again. 

    Mr White Fiveways

  • In February 2016 I was looking to buy and sell very rapidly. Competition among buyers at the time was very high. Sharon @ the Woodingdean branch sh...

    Ms Helen Lyons Woodingdean

  • Excellent service from the Lewes Road branch. Martin Timms secured a quick sale & at a good price & Paula Carter worked really hard to secure...

    Ms Schulte Bear Road

  • It was an amazing experience, everyone involved were fantastic. 

    Mr & Mrs Knight Woodingdean

  • A good team at Woodingdean helped us through a stressful time.

    Mr & Mrs Penton Sycamore Close

  • The whole team were excellent, each one of them felt like family. Sharon had a lot of sorting to do at times but coped very well, a true profession...

    Mr Vernon Woodingdean

  • The Woodingdean team were very friendly and approachable.

    Mrs Palmer Pitt Gardens

  • A really good experience.

    Mr Tibble Lewes Road

  • The whole team were very committed from start to finish.

    Mr Pilgrim Lewes Road

  • Very impressed with the efficient and friendly service, the staff were a pleasure to deal with. 

    Mr & Mrs Gill Lewes Road

  • Very comprehensive and professional. Nice people to work with and highly recommended. 

    Mr Alderton Ladysmith Road

  • Paula is amazing!

    Ms Aspnall Gladstone Place

  • Ben and Paula were calm and reassuring throughout a very difficult process!

    Ms Easterbrook Bear Road

  • It was a long, drawn out process that the people at Maslen helped me through, without the impression that it was a chore. So extremely professional...

    Mr McLagan Lewes Road

  • Sharon was excellent, she kept us informed at all stages and was a really calming objective influence in the process.

    Ms Frederick Channel View Road

  • Best Agents in Brighton.

    Mrs Field Tarner Road

  • We were very pleased with services provided by the Fiveways office.

    Mr & Mrs Sawyer Shaftesbury Road

  • From start to finish the sale was dealt with in a thoroughly professional manner.  

    Mr Gibbs Lewes Road

  • Sharon and her team could not have done more in what was a difficult sale. 

    Ms Daly Woodingdean

  • Paula was fabulous and we felt really informed and supported. 

    Mr & Mrs Walker Lewes Road

  • I was new to the area and viewed a lot of properties with a lot of different agents. Maslens were by far the best I came in contact with, so when i...

    Mr & Mrs Heer Lewes Road

  • Sharon was excellent - kept us well informed, thank you so much!

    Ms Waters Cowley Drive

  • Excellent communication and advice throughout. It felt very reassuring to be in good hands.

    Mrs Brooker Buller Road

  • Thank you Maslens, you were all excellent!

    Miss Jasper Taunton Road

  • Excellent service as always

    Mr Field Ringmer Road

  • A very positive experience - I had most contact with the Fiveways office and they were so friendly and helpful.

    Ms A King Balfour Road

  • The team worked very hard over a long period to ensure my sale went through - excellent service!

    Mr Patrick Gladstone Terrace

  • Excellent Service from start to finish.

    Mr T Mole Cromwell Road

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