Blog
Business as usual for the property market ahead of the election
Tuesday, June 18, 2024
With just over a fortnight until the general election on July 4th, the majority of buyers and sellers remain unphased and are continuing with plans to move. The number of sales being agreed (6% above 2023 figures) and the number of buyers sending enquiries to agents (5% over a similar period in 2023) remain steady, with the vast majority of those already in the home-moving market continuing with their plans according to Rightmove data. Its recent poll indicated 95% of those planning to move home said that the election will not affect their plans. Mortgage rates continue to stretch affordability, with potential movers more likely to be watching for a Bank of England rate cut rather than pre-election housing market manifesto promises.
“Some of the housing proposals announced are a good start with positive intentions, however they could go further in supporting the majority of first-time buyers to get onto the ladder, or helping people in different circumstances to move. Mortgage rates have been elevated for much longer than most expected, and a first cut to the Base Rate would be a big boost to mover confidence, as well as having a far-reaching impact on the market should it, as expected, lead to lower mortgage rates. Lower mortgage rates will have the most immediate impact on the market, however we hope that well-thought out housing policies will lead to sustainable market improvements over the long-term.” said Tim Bannister Rightmove’s Director of Property Science.
Whether buying, selling, letting or renting, for professional information about the local property market ahead of the election and a free market appraisal please contact your local Frost office.
