Property Property News

House prices remaining steady ahead of the election

  • June 19, 2024
  • 2 min read
House prices remaining steady ahead of the election

With the election fast approaching, house prices have remained close to last month’s record high. The average asking price for a home has fallen by only £21 since May, dropping to £375,110.

Last month, house prices hit a new record, after climbing up each month from the start of the year. This growth in price was being driven by more of the top-of-the-ladder homes entering the market. That includes those with five or more bedrooms as well as four-bed detached houses.

However, if past years are anything to go by, this trend of prices remaining flat will continue throughout June. This is happening as many people look to go on holidays. This year, the election as well as the Euros may also be playing a part. Of those surveyed, the vast majority said that the election will have no effect on their moving plan, saying that they will go ahead as planned.

“It’s always difficult to predict how home-movers will react to sudden uncertainty,” Right Move property expert Tim Bannister, says, “but looking back through our data, we can see that during previous election campaigns, market activity has remained largely steady. This election has followed a similar pattern so far, and the responses from our poll of over 14,000 people also supports the data, with the vast majority of respondents saying they will carry on with their home-moving plans.”

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