AS we reach the half way point of the year (where has the time gone!), it’s time to take stock of the property market and make some predictions for the coming six months.

At the outset there was a fair amount of uncertainty. After a very positive 2014, the prospect of a pending general election was sufficient to cast an element of doubt – a wobble if you like. Would vendors come to the market early, or would they bide their time to see what a new government would bring?

All things considered, the York market has fared well. Locally, we did see a temporary slow down in activity in the weeks around the election but not to the degree that the capital experienced. And we have seen strength and consistency return. We anticipate deferred demand from the pre-election period flowing back into the prime market over the remainder of 2015 and 2016, particularly given that the spectre of a mansion tax has now been removed.

The sentiment among buyers is positive and as we move into the summer months, we expect this to continue. The ongoing challenge remains that demand exceeds supply; there is just not enough property on the market in York to satisfy the appetite of motivated buyers.

Improvements in the London market are likely to be sufficient to trigger a renewed ripple effect into markets beyond the capital such as York, as those relocating from London find it easier to sell their existing home and take advantage of the price differentials with the rest of the country. And locally, we expect that would-be sellers who had adopted a “wait and see” approach pre election will now bring their property to the market.

In terms of price, despite some rumours circulating locally, we are not witnessing a post election hike. Restored market confidence needs to be considered in light of where we were in the cycle prior to the period of pre-election uncertainty. The market is still adjusting to higher rates of stamp duty and the mortgage market review makes borrowing more of a slog, so while the removal of the mansion tax threat is helpful, significant short term price growth will be limited.