Home movers undeterred by elections

As the UK adjusts to the aftermath of the General Election, many will be wondering what this means for the housing market. However, analysis of previous election periods suggests that home movers are largely unfazed by changes in Parliament*.

Undeterred buyers

In a survey carried out before 4 July, 95% of prospective buyers said that their moving plans were unaffected by the election. This is reflective of activity seen around previous UK elections. In the two months running up to the December 2019 vote, buyer demand was stable. Then, in January 2020 there was a 14% annual increase in demand. Similarly, demand increased by 9% year-on-year in the month of the May 2015 election. Again, the UK saw a post-election boost in the subsequent month, with demand up 18% annually that June.

What’s in store?

Rightmove’s property expert, Tim Bannister, observed, “Previous elections would indicate we may be set for a particularly strong summer once the election is over, especially if interest rates start to fall.”

Talk it through with us

If you want to understand how your property dreams are affected by the election results and potential policy changes, please do not hesitate to get in touch.

Your home may be repossessed if you do not keep up repayments on your mortgage

^*Rightmove

20 August, 2024

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