Residential Living in the UK Unaffected by Election: Data Shows Strong Housing Market

House movers in the UK are forging ahead with their plans despite the upcoming election, according to new data from Rightmove. A whopping 95% of those intending to move are sticking to their plans, indicating a resilient real estate market leading up to the election.

Tim Bannister, Rightmove’s property expert, noted that previous elections have typically resulted in a surge in activity post-election, especially if interest rates begin to fall. However, the impact of this election on the housing market remains uncertain until the ruling party announces their post-election housing policies.

Analysis of buyer demand changes around past elections in 2015 and 2019 reveals steady activity leading up to the polls. Demand, measured by the number of property enquiries on Rightmove’s website, showed year-on-year increases in the months before and after the election.

Looking ahead, challenges persist for prospective buyers in terms of mortgage rates and inflation. Interest rates have been at a 16-year high, causing uncertainty in the market, although recent predictions suggest a slight easing in the mortgage crunch over the next five years.

Despite the uncertain economic climate, the housing market remains attractive for many, particularly first-time buyers and upsizers looking to escape rising rent costs. With no major market-moving announcements from either political party, the real estate sector in the UK seems poised for stability in the coming months.