General Election: what could it mean for the UK housing market in 2024? ❎
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Article from Zoopla on how a General Election could affect the UK Housing Market
What impact will the general election have on the housing market?
🔸 Not a significant one as two main parties not hugely divided
🔸 Businesses and landlords will want to see that political parties have concrete plans - namely for boosting housing supply across all tenures and getting the right reforms to the private rented sector
🔸 This will ensure that supply is maintained while giving renters more protections
What will housing market activity look like over the general election period?
🔹 As we run up to summer and the slower period in the housing market, the election announcement is likely to stall the pace at which new sales are being agreed to in the coming weeks
🔹 Most buyers who are close to completing on a house will ideally want to push through and agree a sale now
Those who are earlier in the process may look to delay decisions until the autumn after the election is over
What does the housing market look like at the moment?
🔸 The housing market has been recovering with more homes coming to the market for sale, and an increased volume of sales overall
🔸 This is a sign of growing confidence amongst sellers, even though mortgage rates remain at 4.5% to 5%
🔸 Currently, there are 392,000 homes in the sales pipeline that all working their way to completion over 2024
🔸 This is 3% higher than this time last year, and we don’t expect to see buyers already in the process of working toward sales to pull out
🔸 The incentive to move remains for many households - in particular for first-time buyers who are escaping rapid growth in rent costs, and up-sizers who delayed moving last year when mortgage rates increased
📩 To read Zoopla's article in full, click here 📩
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📸 Head Valuer and Asset Manager Lisa-Dahl Parsisson (lisa.dahl-parsisson@cavendishproperty.co.uk)
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