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Majority of buyers’ plans unimpacted by election

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  • 29/05/2024
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Majority of buyers’ plans unimpacted by election
Around 95% of people intending to move home say the election will not impact their plans, a survey has found.

Last week, Prime Minister Rishi Sunak confirmed that the general election will take place on 4 July.

This is based on a Rightmove survey between 18 and 23 May that garnered around 14,322 responses.

Historical Rightmove data around buyer demand for the 2015 and 2019 elections show “steady activity” in the lead-up to the vote.

This is measured by the number of people sending enquiries about properties for sale on the site, and year-on-year (YOY) changes had been used to mitigate seasonal peaks and troughs in the market.

In the two months leading up to the 2015 election, buyer demand rose by 5% YOY in March, and by 6% in April. During May, the month of the election, demand increased to 9% YOY, going up to 18% up in June.

Rightmove said that the latter shows that the market benefitted from a “post-election boost”.

Moving to 2019, buyer demand remained stable in the months before the election, rising by 1% in October compared to the same period the year before and increasing by 4% in November YOY.

During the election month of December, buyer demand rose by 13% compared to the same period last year, which jumped to a 14% increase in January 2020.

 

‘We may be set for a particularly strong summer’

Tim Bannister, Rightmove’s property expert, said: “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 homemovers, with the majority indicating that the election will not affect their plans.

“Over the past four years, homemovers 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.

“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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