Post-election, The housing market holds its breath

The average agent sold eight properties in May and had 62 registered properties on its books. Around 21 per cent of sales were made to first time buyers in April and in May.

However the number of people registering to look for homes dipped slightly, from 278 in April to 265 in May.

President of the NAEA, Michael Jones said: “In a momentous political month, amid uncertainty over house prices it’s unsurprising people decided to keep calm and carry on.

“The reality is that the impact of the new coalition Government will not fully be felt for some weeks – although we are hopeful that the decision to scrap HIPs will boost the market.

“Indeed some potential sellers may have held back in May to wait until the decision on HIPs was made and will now come to the market in June.

“However this positive outlook is balanced by uncertainty about what is planned for the Budget later this month. The announcements made on 22 June could make the difference between a continued or indeed enhanced recovery, and a double dip recession.

“The housing market, like the country, is holding its breath.”

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