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Did the General Election Impact the UK Property Market?

General Election Impact on UK Property Market

The UK property market has shown resilience and growth despite the general election on the 4th of July. Let's break down the latest statistics and understand what they mean for homeowners, buyers, and sellers.


House Prices Remain Strong


In June, the average house price per square foot for homes sold was £348, a 5.1% increase from December 2023. This rise indicates a robust market where demand continues to push prices higher, unaffected by the political climate.


Increased Listings and Sales


There were 35,593 new property listings in the last week of June, with year-to-date (YTD) listings 11.4% higher than the eight-year average. This increase in listings reflects a buoyant market with more properties available, offering buyers a wider selection.


Total gross sales for the week were 6.9% higher than the average for the same week in 2017, 2018, and 2019. Year-to-date gross sales stand at 641,201, which is 10.2% higher than 2023. This suggests a healthy market with a significant number of transactions occurring despite any election-related uncertainties.


Net Sales and Fall-through Rates


Net sales for the week were 20,028, marking a 20.8% increase from the same week in 2023. The YTD net sales are 12% higher than last year, indicating strong buyer confidence.


The sale fall-through rate remains stable at 23.5%, which is lower than the long-term average of 24.8%. This means that fewer sales are collapsing, showing steady market conditions.


Price Reductions and Stock Levels


Price reductions were noted in 20,523 properties, slightly above the eight-year average of 18,230. However, with high stock levels, it indicates sellers are adjusting prices to align with market conditions.


Market Stability and Growth


The average asking price for new listings was £442,177, while the average price of properties sold subject to contract (SSTC) was £371,233. These figures show that the market remains competitive, with properties often selling below the initial asking price but still within a healthy range.


Overall, the UK property market has demonstrated remarkable stability and growth in the face of the 2024 general election. House prices continue to rise, listings and sales are robust, and the market shows no significant signs of disruption from political events. For buyers and sellers alike, the market remains active and promising.


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