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Savills expects UK election to hit housing sales in next few weeks
May 9, 2017 / 10:11 AM / 7 months ago

Savills expects UK election to hit housing sales in next few weeks

LONDON (Reuters) - International estate agency Savills (SVS.L) said it anticipated housing sales in Britain will be hit by a June 8 general election, but that its overall performance this year will be in line with expectations.

FILE PHOTO - A builder assembles scaffolding as he works on new homes being built for private sale on a council housing estate, in south London June 3, 2014. REUTERS/Andrew Winning/File Photo

Some Britons tend to put off major purchases due to the uncertainty created by an election although several builders reported that demand was not dented by 2015 polls, the last time a new government was elected.

    “The period leading up to the UK general election is expected to have a short-term adverse impact on residential transaction activity over the next few weeks,” Savills said in a statement on Tuesday.

    The firm, which operates across Europe, North America, Asia and Australasia, said its overall performance in the first four months of the year was ahead of the same period last year and it would meet market expectations despite increased global political and economic uncertainty.

    Reporting by Costas Pitas, editing by Louise Heavens

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