SHOULD YOU BUY A HOUSE BEFORE THE ELECTION: YES OR NO?

Speak to any estate agent now and you will hear that the property market is 'very quiet'. There is a known phenomenon where people tend to delay buying a house before a general election, often referred to as "election jitters." The term is used to describe the anxiety that people may experience when making significant financial decisions during an election period. However, it's essential to remember that elections are a normal part of democracy, and the housing market is always subject to fluctuations and uncertainties.

Election periods can be marked by uncertainty that affects people's confidence in the economy and government regulations. Market volatility leads to fluctuations in housing prices, interest rates, and mortgage availability. Media influence plays a significant role in causing people to play the 'wait and see' game before committing to a significant purchase like buying a house.

While it's understandable to be cautious one must consider one's own situation and ask whether you will leave the country if things go wrong, or whether you are here to stay and weather the storms irrespectively. If emigrating is not an option, then buying a house before a general election can have several advantages.

As a buyer, you have a wider choice of properties to buy because the majority of people are holding back. Having less competition means that sellers might be more negotiable on their prices and that allows you to get more value for your money. When election uncertainly wanes, so will your opportunity to get a home at a better price, due to the stabilising of prices and the influx of buyers.

Buying now at a good price will have a significant effect on your equity in the property when prices start getting back to 'normal' or increasing.

Financial institutions are currently offering more favourable lending terms and options to encourage homeownership.

It's essential to note that every individual's situation is unique, and factors like personal financial circumstances, local market conditions, and individual priorities should be considered when deciding whether to buy a house before or after the election. It's always recommended to consult with a financial advisor or Property Professional to determine the best approach for your specific situation.