General Election & the housing market

Leading up to the general election this July, we have had both Sellers and Landlords asking how the property market will be affected.

Rightmove Property expert, Tim Bannister, says: “With the date now set for a summer general election, we anticipate that housing market activity will remain steady in the lead-up to the election based on previous patterns. This is further supported by the current attitude among home-movers, with the majority indicating that the election will not affect their plans.

“Over the past four years, home-movers have faced numerous challenges, including a global pandemic, a shortage of housing supply, and rapidly changing prices. For many, 2024 is finally the year to make their move, and they’re determined to proceed with their plans to secure their next home,” he adds.

Tim adds: “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. However, every election is different, and it would depend on whether any significant housing policies are also introduced, so we’ll need to wait and see what happens to have a better view of activity for the rest of the year.”

** All information taken from Rightmove May 2024**