According to their data, rental figures tend to rise by an average of 1.96% 12 months after a general election.
On average, rent prices rose 0.9% more under a Labour government than a Conservative government.
However, historically, house prices rose the most after the 2015 General Election, seeing an average of 3.4% 12 months after the Conservatives (led by David Cameron) won a majority.
Compare My Move found that house prices generally rise by an average of 2.4% when the election ends in a majority, compared to just 1.4% in a hung parliament.
Overall, rents will rise by almost 2% in the year after a general election, and data indicates that figures have increased after every general election in the past 20 years (at varying degrees).
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Notably, rental figures saw higher increases in elections before 2017 compared to the 2017 and 2019 elections.
For example, whilst average rents rose by just 0.8% in the years following the 2017 and 2019 elections, a 2.7% increase was observed in the previous three elections.
Concerning this election, Dave Sayce, Compare My Move founder and Managing Director, said: “Rents have seen a significant rise over the past few years, with an increase in the average rent price of almost 9% in the 12 months up to February 2024; therefore they go into the election at an all-time high.
“However, many parties have focused on helping renters in their manifestos, and therefore, I don’t think the rise will continue at this rate and will become more gradual in the 12 months after the election.”
