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Vast Majority of Home-Movers State the Election Won’t Affect Their Plans

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    Will Political Uncertainty Impact Buyer Demand?

    Since the general election announcement last week, many experts have weighed in on how they believe political uncertainty will impact the housing market this year.

    But according to Rightmove’s latest Spring Survey, they found that 95% of home-movers responded that the upcoming general election will not change their moving plans in any way.

    This shows that the vast majority of buyers and sellers aren’t currently affected by political anxiety when it comes to the UK housing market.

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      Historical Analysis Suggests Stable Demand and Post-Election Boost

      Rightmove’s report also reveals, by analysing historical data, that the UK property market typically remains steady during an election period.

      Looking at the 2015 election cycle, buyer demand remained consistent leading up to the event. After the election, the housing market experienced a boost in June. This post-election boom in activity saw the annual change in demand move from a 9% increase to an 18% increase.

      Similar patterns were observed during the 2019 election when demand stayed stable in October and November. During the election month of December, there was a yearly increase of 13%, followed by another annual increase of 14% in January 2020.

      The summer housing market is also typically slower than other seasons, so it has been theorised by Rightmove experts & Matterport that the July election will have little effect on property trends. There may be a stronger August than usual thanks to renewed clarity in the political situation, a possible fall in interest rates, and a potential post-election bounce.

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      UK Housing Market Will Be Hot Topic During Campaigns

      Some short-term impacts are expected but overall, it seems there won’t be any game-changing effects in the property market stemming from the election period. However, it is expected that the housing market will be a big focus point for all major parties during their election campaigns.

      So what is a real estate investor likely to vote for? Boosting housing supply is a priority for both Labour and the Conservatives, so approaches to the property market are likely to be hotly debated in the coming weeks, and government policies could have a big effect on real estate investment strategy in the future.

      A jointly-organised poll from NRLA and Goodlord has shown that many votes from those in the property industry are up for grabs. They found that 39% of letting agents have decided who to vote for, and 19% are open to changing their minds, while 26% are completely undecided. When it came to landlords, 45% stated they have decided who to vote for, 27% are open to switching, and 19% are still undecided.

      Learn more about the UK property market with our dedicated buy-to-let area guides looking at topics such as available investment property in Mansfield and available investment property in Watford.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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