Buyers 'hesitant as election approaches'

Posted: 26 Apr 2010 10:37:07 GMT

Would-be homeowners are becoming increasingly hesitant to purchase property in the run up to the general election, one expert has suggested.

Richard Donnell, director of research at Hometrack, says: "With an election well under way, it is not surprising that buyers are currently hesitant in their decision making, the question is whether market sentiment will improve once the result of the election is known."

His comments come in response to new figures from the group, which show that house prices have grown by 0.2 per cent in April - a much smaller rise than in previous months.

Furthermore, the study also reveals that for the first time in 13 months the proportion of homeowners selling their property for its asking price has not risen.

Mr Donnell suggests this data is evidence of the housing market being "on the turn".

A recent survey undertaken by GfK Financial revealed that first-time buyer numbers have now dropped below 350,000 for the first time in two decades.

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