What does a General Election mean for the property market?
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What does a General Election mean for the property market?

Published 29th May By Megan Ayling
minute read
Rightmove recently surveyed more than 14,000 people and found that 95% of potential home movers are undeterred by a General Election.

The research further shows that in previous General Election years buyer demand remained steady on the lead up to the date itself. Demand is measured by the number of people sending enquiries about properties for sale on Rightmove, and year-on-year change has been used to remove the usual seasonal peaks and troughs in the market. 

In the two months leading up to the May 2015 election, buyer demand increased by 5% year-on-year in March and by 6% in April. During the election month, demand increased to 9% year-on-year, with the increase moving to 18% up in June, as the market benefited from a post-election boost.  

In 2019, buyer demand remained stable in the months before the election, increasing by 1% year-on-year in October and 4% in November. During the election month in December, demand was up by 13% year-on-year, followed by a 14% increase in January 2020. 

With a date set, this does now mean that we enter a period of “purdah”.  The pre-election period of sensitivity occurs in the weeks leading up to an election or referendum. The period is also called the period of ‘heightened sensitivity’ and in the past was often known by the term ‘purdah’. At this time governments, ministers and civil servants will exercise caution in making announcements or decisions that might influence the election campaign.  Consequently, Propertymark recently confirmed “due to insufficient parliamentary time, we understand from the Lords Whips' office that the Leasehold and Freehold Reform Bill and the Renters (Reform) Bill have been dropped and will not go any further in the legislative journey”. 

Whilst we wait for further information, and ultimately the outcome, we are on hand to answer any questions you may have.  

Source: https://www.estateagenttoday.co.uk/breaking-news/2024/5/rightmove-home-movers-undeterred-by-general-election
 

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