Sales market won’t see traditional ‘election dip’ claims Rightmove
For the moment the change in Government will have little impact on the home-moving plans of the public, with 95% of people saying the General Election will not affect their approach.
Nearly everyone with plans to move home say they’ll continue to do so despite the looming general election on July 4 with 95% of people saying the vote will not affect their plans, latest data from Rightmove reveals.
For the moment the change in government will have little impact on the home moving plans of the public and Rightmove says would-be movers are ‘determined to proceed’.
NUMEROUS CHALLENGES
Tim Bannister, Rightmove’s Property Expert, says: “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.”
Rightmove’s analysis of year-on-year buyer demand changes around the 2015 and 2019 elections also show steady activity in the lead up to a vote.
In 2015, demand from buyers was consistent leading up to the election, and experienced a post-election boost in June when the annual change moved from a 9% increase to an 18% increase
Similarly in 2019, demand remained stable across October and November, and saw an annual increase of 13% in the December election month, followed by an annual increase of 14% in January 2020.
DATE NOW SET
Bannister adds: “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.
And he says: “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.”
