Date Published 25 July 2024
* As the Starmers settle into Downing Street, homeowners across the nation might now being reconsidering their plans for moving house.
* The lead up to a General Election typically creates uncertainty and a slowdown in the housing market. This year was no exception – although the impact was more muted as successive interest rate rises had already stifled demand.
* In June 55% of agents reported similar or lower levels of confidence in the market than 3 months earlier. However, sales volume expectations for the next three months, have reached their most upbeat level since January 2022.
* The greater political clarity, alongside the imminently expected Bank of England interest rate cut, should give added impetus to housing market confidence.
Source: Dataloft by PriceHubble, RICS. July 2024
