Homeowner debt wariness pre-election

The housing market cooled off in March as uncertainty hit following the election announcement, causing more Britons to be cautious of starting home repayments.

The Royal Institution of Chartered Surveyors (RICS) said its monthly house price balance dropped from +18 in February to +9 in March, its lowest since July 2009.

RICS spokesman Ian Perry notes that "many vendors who were previously inclined to sit on the sidelines now appear eager to put their properties on the market."

This has led to a six per cent rise in property stock on estate agents’ books.

There are fears that the rise in stock could lead to house prices falling again, as was suggested by government figures showing a 0.1 per cent drop in February.

Director of Atlantic Financial Management, Kevin Still says, "We are now in a wait and see period pre-election.

Interest rates being held at a record low is beneficial to people with debt problems and clearing debt is a priority for many.

Moving home is expensive and with the economy so fragile, nobody knows what is around the corner."

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