Nearly 3,000 homesellers enter the market
New research from upfront information platform, Home Sale Pack, reveals that nearly 3,000 home sellers entered the housing market in the week following the UK general election.
Home Sale Pack has analysed property market data in Great Britain to see how many sellers entered the market in the week preceding the general election, and how many entered in the week immediately following the election to understand how Labour’s landslide victory has impacted seller sentiment.
In the seven days leading up to the July 4th election, 45,724 sellers put their homes on the market in Great Britain.
In the seven days immediately following the election, the number of sellers entering the market totaled 48,486.
This marks an increase of 6%, equivalent to 2,762, while the combined value of homes hitting the market after election comes to almost £13.8bn.
It’s clear that sellers are feeling optimistic that the nation’s housing market has a newfound buoyancy following Labour’s historic victory, with the most optimistic sellers apparently being found in Yorkshire & Humber.
In the week preceding the election, 2,733 sellers entered the market in the Yorkshire & Humber region. In the week following the election, 3,011 new sellers listed their homes. This marks the nation’s largest post-election surge of 10.2%.
In the South East, a total of 8,339 post-election sellers marks an increase of 10%, followed by London (9.9%), the South West (8.3%), West Midlands (7.3%), and Scotland (4.2%).
In fact, all regions of Britain saw an increase in new sellers following the election. Wales reported the smallest increase of 0.2%, but even this accounts for 2,315 brand new homes hitting the market in a single week.
Ruth Beeton, co-founder of Home Sale Pack, says: “There has been a lot of economic uncertainty in Britain over recent years, and the build up to the general election only seemed to add to this with far too many unknowns floating around to give sellers confidence that their homes will sell for a good price.
But Labour’s decisive victory seems to have delivered a newfound confidence and optimism in the nation’s housing market and many previously hesitant sellers have quickly pounced on what feels like a potential rebirth of Britain’s economy and fortunes under new leadership.
We very much expect to see the market continue to surge over the coming months as the nation’s buyers look to secure a new home, especially if the economy continues to show signs of recovery as it has recently been doing. The pressure is now on estate agents and conveyancers to facilitate this increased activity and ensure they’re working smartly and efficiently to help these sales process in good time.”
