What Does the Election Mean for the South West Housing Market?

- Wed 12 Jun 2024

 

At Bradleys Estate Agents, we engage with thousands of individuals across the West Country each year about their home-moving plans. With a general election on the horizon, we wanted to understand its potential impact on the nation’s moving plans in 2024.

A recent Rightmove article showed with their insights, through a recent survey that 95% of people planning to move home say the upcoming election will not affect their plans.

Rightmove property expert Tim Bannister commented; “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,”

What happened around past elections?

Rightmove also looked at what happened in the housing market during previous general elections, specifically in 2015 and 2019. Importantly, we observed that the market remained steady both before and during the election period.

2015: Demand from buyers was consistent leading up to the election, which was held in May. Demand then increased the following month and was 18% higher than the year before.

2019: Similarly, demand remained stable in the months prior and saw an annual increase of 13% in the December election month. This was followed by an annual increase in buyer demand of 14% in January 2020.

Buyer demand is measured by looking at the number of people sending enquiries about homes for sale on Rightmove.

Marketing Director at Bradleys Estate Agents, Kai Logan added “We have seen more property being put up for sale in recent weeks, which is leading to increased activity across the region from both buyers and sellers. The choice of property always triggers activity, particularly when a buyer spots a home they have always wanted, or one is reduced and now becomes affordable, which is why we are seeing increased viewing and offer activity.

It appears most people are prioritising to act now, especially if they see their perfect home, rather than waiting to see whether the election result will benefit them and risk losing their dream property.”

 

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

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