Mark Riddick, chairman of Search Acumen, comments on RICS residential market survey for March:
“The continuation of a market cooling into spring is a sure indication of general hesitation that comes prior to elections. A possible hung parliament in May could actually prolong the market flatline until a stable government is established.
“With currently low supply of housing stock, price rises are expected in the next three months, which could have a detrimental impact on market growth in the second half of the year. Conveyancers remain optimistic that while growth may not parallel 2014 levels, there will be greater activity once we cross the election threshold.
“In the meantime, the state of the housing market should serve as a signal to all parties that initiatives such as the Help to Buy ISA or the Tories’ proposed Right to Buy are no more than plugged-in policy measures which do not solve the housing market’s core problems: lack of affordability and a scarcity in housing stock.”