Will the new Prime Minster impact the Surrey and Hampshire property market?

Whenever there’s a change at the top of government, it’s natural for people to wonder what it could mean for the housing market. As a Surrey and Hampshire estate agent, we hear it all the time.

With Andy Burnham now in post, we’re already hearing the same question from homeowners across Surrey and Hampshire, which is should we wait and see what happens?

Our answer is broadly the same. Probably not.

Political change often creates hesitation

History tells us that a new Prime Minister almost always brings a period of uncertainty. 

Buyers wonder whether mortgage rates will change. Sellers question whether house prices will rise or fall. Some decide to postpone their plans altogether.

The irony is that uncertainty doesn’t always slow the market down. It simply changes who’s active within it.

People still relocate for work. Families still need more space. Downsizers still decide the time is right. Life doesn’t pause because there’s a new name on the door of Number 10.

Waiting isn’t always the safer option

Recent reports have suggested that mortgage rates could move in the short-term following the change in leadership. 

Whether they rise, fall or remain largely unchanged, it’s another reminder that trying to predict the market is incredibly difficult.

If borrowing becomes more expensive, some buyers could find their budgets reduced. If rates improve, demand may increase as more people decide to make their move.

Either way, those who are already prepared tend to be in the strongest position.

Serious buyers are still looking

One thing our team of Hampshire and Surrey estate agents would agree is that we certainly haven’t seen motivated buyers disappear.

Well-presented, realistically priced homes continue to attract strong interest, particularly across Surrey and Hampshire where demand remains resilient.

In fact, periods where some sellers decide to wait and see can actually work in favour of those who do come to market, simply because there’s often less competition from other properties.

Focus on your own timings (not the headlines)

No one – not politicians, economists or even Surrey and Hampshire estate agents – can say with certainty what the market will look like a few months from now.

What we do know is that the best time to move is usually when it makes sense for your own circumstances, rather than trying to second-guess political events.

If you’ve been considering selling, buying or simply want to understand what your home is worth in today’s market, we’d be happy to offer straightforward, honest advice.

Whatever happens in Westminster over the coming weeks, your property plans don’t have to be put on hold.

Thinking of making a move this summer? Contact your local Warren Powell-Richards branch to arrange a no obligation valuation of your property.