With a general election on the horizon, there’s the usual questions around the impact it may have on the housing market.
However, we’re pleased to see that the upcoming election is not affecting people’s intentions to move home. According to Rightmove data*, 95% of people planning to move home say it will not affect their plans.
Rightmove also looked at what has happened in the housing market in previous general elections in 2015 and 2019, and found that the market remained steady, both before and during the election period. In fact, there was even a bounce in activity after the elections both of those years.
In 2015, demand from buyers was consistent leading up to the election, which was held in May. Demand then increased the following month, and was 18% higher than the year before.
Similarly in 2019, demand remained stable in the months prior, and saw an annual increase of 13% in the December election month. This was followed by an annual increase in buyer demand of 14% in January 2020.
So, with all of this in mind, is now a good time to buy?
The market was steady over the winter months, and we’re seeing positive figures as we come into summer. We’ve seen more sellers listing their homes, and more people having confidence when buying a new home. House prices are also rising, and according to Nationwide, house prices increased by 0.4% between April and May, following two consecutive months of decline, taking the annual rate of growth to 1.3%.
Chris Kelly, Sales Director at Stonebridge Homes, added: “Although there have been ups and downs in the housing market in the last year or two, we’re pleased to see that the statistics paint a positive picture. My sales team and I want to help buyers secure their dream home, and we are currently able to offer a range of incentives to our customers to help to keep the property market moving.”
Here at Stonebridge Homes, we have a range of ways to buy (on selected plots), including Part Exchange, Assisted Move and Own New; a brand new mortgage scheme which helps people buy new build homes with reduced mortgage rates and smaller deposits. All of these ways to buy are designed to make buying a new home more affordable and easier for everyone.
*Survey data from Rightmove’s spring survey, with 14,322 responses, collected between 18th – 23rd May 2024.