Will the 2024 Election Impact the Housing Market?

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Will the Election Impact the Housing Market?
LPC & LLM Ume-Kulsoom Anwar
Legally reviewed by: LPC & LLM Ume-Kulsoom Anwar Updated: In: Conveyancing

Will the 2024 Election Impact the Housing Market?

As the 2024 election approaches, property website, RightMove launched a UK survey to discover if the election will impact the housing market.*

Research from RightMove, shows that 95% of people planning to move home state the upcoming election will not affect their plans.

Tim Bannister, property expert at RightMove 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.

*Survey data from Rightmove’s spring survey, with 14,322 responses, collected between 18th – 23rd May 2024 

Looking at Trends from Past Elections

RightMove also looked into trends in the housing market following previous elections in 2015 and 2019. In both previous elections, the housing market remained steady, before and during the election period. Additionally in 2015 and 2019 there was a surge in housing market activity.

During 2015, demand from buyers* was consistent in the period leading up to the May election. Demand then increased the following month, markedly 18% higher than the year before. 

The same trend continued in 2019. Demand remained stable in the months prior, before an annual increase of 13% in the December election month. Furthermore, this was followed by a 14% annual increase in buyer demand in January 2020.

*RightMove measures buyer demand by analysing the number of people sending enquiries about homes for sale on Rightmove.

Buyer Demand Around 2015 Election

Buyer demand around 2015 election

Buyer Demand Around 2019 Election

Buyer demand around 2019 election

Potential Increased Buyer Demand Over Summer

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.”

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