27 per cent of NAEA members indicated that they believed the result of the General Election would have significant implications for the housing market – irrespective of the victor. Almost half (46 per cent) said they have witnessed a cool down in the market in the approach to the Election. The findings were released today, as part of the NAEA’s February Housing Market Report today.

Other findings in the report indicate that just under a third (30 per cent) of house sales in February were made to first-time buyers, the largest number since September 2014; sales to FTBs have not exceeded 30 per cent since records began six years ago.

Other findings show demand for property is up, with 366 house hunters registered per NAEA member branch, up from 353 last month. Supply is marginally down from 44 houses per branch last month to 43 this month, suggesting higher levels of demand than current supply can satiate.

“It’s clear from the findings in the report that things are starting to ease for first time buyers, which could be down to reduced property prices or more accessible funding, especially following December’s stamp duty reforms,” says Mark Hayward, NAEA director. “We will all be waiting with bated breath to see if the first time buyer figures increase following the new Help to Buy ISA, and whether we see real momentum in the market. It still remains notoriously hard to get cut-through in the property market, especially for first time buyers, so any green shoots are encouraging.”

The Conservatives’ pledge to build 200,000 more homes is expected to have the most positive influence on the housing market, with 45 per cent of NAEA members saying it would have the best impact. Conversely, 57 per cent of estate agents believe Labour’s proposed Mansion Tax will damage the housing market.

“Demand is still vastly outweighing supply in this country, so it is clear something needs to be done to aid this growing problem,” concludes Hayward. “It will be interesting to see the outcome of this year’s General Election, but whoever wins it is vital that building more affordable homes is top of their agenda.”