Well, there are still smiles on Tory faces after the election. The worst fears of the property market have been assuaged.  Estate agents look forward to the easy life once again with a flurry of desperate buyers.

Except the flurry hasn’t quite materialised as the estate agents had hoped. Of course, there are now more buyers who are willing to transact, but it is not the deluge that had been expected. The sharp rise in Stamp Duty is still a major sticking point.

On the other side of the coin, sellers’ expectations have leapt, partly egged on by some of the more hysterical predictions by certain agents who shall remain nameless… This has had the effect of some fruity asking prices, sellers deciding to wait until September to put their homes on the market or even waiting a year in the hope of a 20% boost. Although I do expect prices to rise over the next 12 months, I think c. 8-10% is more likely.

Nevertheless a quick look at some share prices proves insightful:

                     7th May      8th May       Today          % 

Savills            833             911             944            +13.3 

Foxtons         228              248             273            +19.7 

Landsec       1212            1263            1322          +9 

Brit Land       810              842              867           +7

Foxtons has the most exposure to London so unsurprisingly has seen a bigger shift down and ensuing rebound than the others. We shall soon discover whether a bounce of nearly 20% is warranted. I suspect that the shares may give a little bit back.