The London housing market is showing signs of smoldering since the conclusion of the general election, prompting memories of the UK housing market of last year. Listing prices are up more than 16% since the election on homes within the capital city. The latest housing data to emerge indicates sellers of houses within London have sparked a selling wave based on the perceived demand which exists following the election. The selling season is also beginning to heat up along with the temperatures.

Current house listings have pulled up the average house price in London, along with many luxury developments. Timing of the new listings has been key as many of them were prepared, but withheld from release until the end of the general election. Many were concerned before the election of a possible Labour victory and along with that an introduction of a mansion tax.

Co-founder of GetAgent, Colby Short, commented on consumer confidence concerning the property market, saying: “The stability of a majority government has clearly helped consumer confidence and the effect of this on the property market is borne out by these asking price increases.”

Johnny Morris of Hamptons International, commented on the recent growth of price growth, saying: “We expected to see an increase in listings and asking price after the election but there are two fundamental differences between this May and 12 months ago. Firstly, mortgage availability is tighter holding back first-time buyers. Secondly we saw a lot of buyers coming to the market last year as the country suffered from a long term slow erosion of stock.”

Morris added: “This combination made for a hot housing market. In comparison the market still seems quite subdued and there still remains a gap between what the buyer will pay and the sellers’ expectations.”