What the General Election could do to the country’s house prices

What the General Election could do to the country’s house prices

The UK’s Prime Minister, Theresa May, has announced that she’s seeking a snap general election on June 8 as the country is in need of certainty and stability. But what will this mean for Britain’s housing prices?

As if the UK, and its property buyers and sellers, haven’t had enough uncertainty yet, Mrs. May is throwing another one in the mix by attempting to push the General Elections forward.

Small construction firms shake off Brexit concerns with confidence

Originally, elections were supposed to be held in 2020, however, after a rocky road ever since the referendum decision, the PM is hoping to create certainty, stability and strong leadership by having the election early.

What does this mean for the country’s housing market?

The actual impact of this early election is hard to forecast, all that can be done is to look at how things worked out in the past. And take notes.

Alison Platt, chief executive at estate agent Countrywide, told City AM that “past trends show a clear correlation between general elections and the level of transactions in the property market.”

She also pointed out that there is a difference between usual General Elections and this one: The long lead up. An average lead up of about six months prior to other elections will be condensed down to six weeks in this case.

When Brexit became reality: British pound and property after March 29

This shorter time frame means any consumer hesitance will have a lower impact on overall transactions, Platt concludes.

Once the vote is over, things are more than likely to pick up again.

The highest levels of investment can usually be seen in the first three months after a new Government has been elected.

Ed Heaton, founder of property search agency Heaton & Partners, agreed:

“I see the decision to hold a General Election in June as a positive for the property market, particularly as the snap nature of the announcement, means that there has been no long build up with buyers and sellers wanting to hold off.”

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:

STAY AHEAD OF THE MARKET

Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment

FIRST FOR NEWS AND KNOWLEDGE.

Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:

 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

 

+852 6699 9008

Open from 9am-6pm HKT