Could now be the perfect time to bag your dream home? With a General Election looming and the cost of living still biting, experts believe house prices are likely to fall in the coming months.

Estate agent Knight Frank reckons that Rishi Sunak’s decision to hold an election on May 22nd has spooked the housing market, creating a golden opportunity for savvy buyers.

Why? Uncertainty makes people nervous, and buying a house is a BIG decision! This means fewer buyers are competing for properties, giving you the upper hand.

Less competition = lower prices. It’s simple supply and demand, explains Tom Bill, Knight Frank’s head of UK residential research: “Higher supply and lower demand is putting downwards pressure on prices.”

And the stats back him up. In May, there were just 5.9 potential buyers for every property up for sale. That’s the lowest it’s been in years!

But wait, there’s more! Remember all those homeowners who snagged super-low mortgage rates a couple of years ago? Those deals are coming to an end, meaning they’ll be looking to sell up before interest rates rise further.

So, what does this all mean for you?

• Buyers: If you’re ready to take the plunge, now could be the perfect time to grab a bargain.
• Sellers: Don’t panic! The market is still active, but you might need to be prepared to be a bit more realistic with your asking price.

Keep an eye out! The autumn market is expected to be busier, especially if interest rates start to fall.

Bottom line? The coming months could offer a rare window of opportunity for buyers. So, get your ducks in a row and get ready to haggle!