Positive Property Market Response to New Labour Government

11th July 2024


Market Update


Just a week after the General Election, the property market, buyers, and sellers have responded positively to the new Labour Government. The government has swiftly initiated plans to encourage the construction of more new homes, setting an ambitious target.

Malcolm Prescott, Managing Director of Webbers Property Services, commented, "We are not surprised to see this slight positive bounce following the Election. Historically, the property market tends to enjoy a honeymoon period once a new Government is in place." He further noted, "All of the main parties had highlighted the need to support the housing market, recognising that if houses are selling, many other businesses benefit, including builders, decorators, and white goods suppliers, who thrive when people are moving house."

The housing market now needs consistency, and most commentators predict that the Bank rate will fall in late Summer, likely supporting this improving market. Webbers Property Services, with 13 offices across Devon, Somerset, and Cornwall, reports an increase in both listings and sales in recent weeks. Residential Sales Director Lindsay Braddick stated, "New listings are always important to keep the momentum moving, and we have seen a 35% rise in available homes year on year, providing more choice for buyers this year. Completions are also significantly up compared to the same period last year."

Lindsay further explained, "House prices, in general, are around 2% up year on year, and expectations are for continued marginal house price increases in the coming months. However, it is more important to consider the difference between sale price and purchase price. If you are buying at 2% more, in most cases, you are selling at 2% more."

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