The general election to be held next month is being blamed for the lack of new properties coming onto the housing market. According to the online property lister, Rightmove, the volume of properties for sale has dropped by 15% in November, which is the fastest decline since August 2009. The average asking price fell by £3,900, and is now at £302,808.

Rightmove director, Miles Shipside, remarked, “Elections normally dampen activity as uncertainty causes a degree of hesitation, but this one is being called to try to break the deadlock. A more certain outlook, whatever it may be, would be a welcome change for those who are contemplating moving.”

The housing market normally experiences a slow down as the holidays arrive. People are distracted from shopping for properties and many decide to wait out the winter for spring which is when a boost usually occurs in the market.

Buyers, meanwhile, will likely be drawn toward the market with the opportunity to discover aggressive sellers. Lower asking prices and the still competitive low interest rates showing up in mortgage deals will combine to be irresistible to those hoping to climb onto the property ladder or move home.

Experts in the housing market are reporting that with the ability to buy more property for less money that first time buyers are skipping over the usual purchase of a flat and considering 3 bedroom homes.

Saving for a deposit still remains a barrier to hopeful home buyers. For those that work it out with family, the bank of mum and dad, or take advantage of the creative mortgages to help those with little savings, the current housing market might be the opportunity that makes their homeownership dreams come true.