How will the Election Impact the Sheffield and Rotherham Property Market?

Across the UK in May, house prices rose, when seasonally adjusted, from 0.6% in April to 1.3%. This is a 0.4% increase month on month according to the new data released by Nationwide. 

Robert Gardner, Nationwide’s chief economist, said: “The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer-term interest rates in recent months.

“Consumer confidence has improved noticeably over the last few months, supported by solid wage gains and lower inflation.”

The recent election announcement has understandably led to quite a few people asking me what I think will happen in Sheffield and Rotherham with property prices. Some have been concerned about it causing uncertainty and instability but the data tells a very different story. 

Gardner said: “With the recent announcement that the UK general election will take place on 4 July, we have analysed house price movements in the months around previous elections, and also the 2016 EU referendum.

“Past general elections do not appear to have generated volatility in house prices or resulted in a significant change in house price trends.”

Analysis by eXp UK even shows that since the 1980s, house prices have climbed by an average of 5.4% in the year that followed a general election.

Gardner concluded: “2019 is a notable exception, but this was due to the impact of the pandemic, with the initial lockdown in 2020 suppressing housing market activity. Activity subsequently bounced back once restrictions began to be lifted.

“It appears that housing market trends have not traditionally been impacted around the time of general elections.

“Rightly or wrongly, for most homebuyers, elections are not foremost in their minds while buying or selling property.”

The reasons behind this, in my years of property experience, are that domestic property decisions are rarely about politics and everything about people.

People get married, have children, or change jobs. People pass away, need to downsize or relationships change. Buying and selling homes is always a personal journey. These reasons couldn’t be more challenging to navigate for the individuals involved; elections often have little to do with it.

If you’re facing any of these situations, or the myriad others that can necessitate a house move, be assured that you’ll always receive personalised support from me. Regardless of what’s going on in Whitehall, I’m far more interested in what’s going on for you and how I can best facilitate you to have a smooth move.

You can contact me on 07920 097 175 or by linda.stringer@exp.uk.com if you’d like to chat through your options.

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