What does July's election mean for the Gravesham housing market?
Will July's general election impact Gravesham’s moving plans in 2024? Here we look at what has happened in the past and and our predictions for the year.
Whilst every election is different it helps to look at the past to predict the future.
Rightmove (the largest property portal) talk to thousands of people across the country each year about how they’re feeling about moving home and their insight* shows that 95% of people planning to move home say the upcoming election will not affect their plans.
Rightmove’s, Tim Bannister, says: "With the date now set for a summer general election, we anticipate that housing market activity will remain steady in the lead-up to the election based on previous patterns. This is further supported by the current attitude among home-movers, with the majority indicating that the election will not affect their plans... they’re determined to proceed with their plans to secure their next home"
What happened around past elections?
Rightmove measure buyer demand by looking at the number of people sending enquiries to them about homes for sale.
Looking at the housing market in previous general elections, 2015 and 2019, we can see that the market remained steady, both before and during the election period. In fact, there was a bounce in activity after both.
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.
Impact on Gravesham
If the Gravesham market follows the national market, as reported by Rightmove, we can expect to see an increase in buyer demand in August of the year (traditionally a quieter month). If you are considering a move, now is the time to start preparing to take advantage of this increase and achieve the best price for your home.
Contact our office to arrange your free, no obligation property valuation.
*Survey data from Rightmove’s spring survey, with 14,322 responses, collected between 18th – 23rd May 2024.