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Is there hope for the housing market?

By: Kelly Bellerson
Latest News

If you’re just starting your house-hunting journey, you might be thinking about hitting the pause button until the election dust settles.

Despite this, the market is lively, with an increase in both homes for sale and sold properties. The election is certainly adding a layer of excitement to an already dynamic housing scene!

What does the housing market look like right now?

Well, it’s on the up! More homes are hitting the market, and the number of sales is increasing, showing that sellers are feeling more confident, even with mortgage rates hovering between 4.5% and 5%.

There are currently 392,000 homes in the sales pipeline, all set to be completed in 2024. This is 3% more than this time last year, and we don’t expect buyers who are already in the process to back out.

Many households are still motivated to move. First-time buyers are keen to escape skyrocketing rent costs, and upsizers who held off last year due to rising mortgage rates are now ready to make their move.

Housing market activity during the general election

With summer and the traditionally slower housing market season approaching, the election announcement is likely to hit the brakes on new sales being agreed upon in the coming weeks.

Buyers who are close to closing a deal will want to push ahead and get it done now. Meanwhile, those in the earlier stages of their house-hunting journey might decide to hold off on making any decisions until after the election dust has settled in the autumn.

How will the general election shake up the housing market?

Well, we don’t expect it to have the same dramatic impact as in previous years. This is mainly because the two main parties aren’t offering vastly different housing policies.

Both are focusing on reforming the private rental sector and boosting housing supply. However, we might see a slight dip in completed sales, falling just short of the 1.1 million we had anticipated for 2024.

Businesses and landlords are keen to hear solid plans from the political parties, especially about increasing housing supply across all tenures and implementing the right reforms in the private rented sector.

These measures are essential to keep the supply steady and provide renters with more protections.

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