UK News: How might the housing market be affected by the general election?

How might the housing market be affected by the general election?

Transcript

00:00Zoopla, the UK's leading property website, has revealed that the UK is currently experiencing

00:06the highest supply of homes for sale in eight years.

00:09This news comes as it's predicted that the general election, which is due to take place

00:14on July 4th, could increase uncertainty on the housing market and potentially stall market

00:19activity.

00:20But it's important to note that there is £230bn worth of housing on the market at the minute,

00:25which is a quarter higher than a year ago.

00:27The rise in the value of homes for sale is thought to be attributed to the increased

00:31supply of three- and four-bedroom family homes, following a shortage during the pandemic.

00:37Zoopla has said that the general election announcement is likely to stall the pace at

00:41which new sales are agreed in the coming weeks.

00:44The property website went on to say that overall, we don't see the election having as big an

00:50impact as in previous years, particularly as there is not a huge divide in policy between

00:55the two main parties.

00:57More research on this subject showed that the higher supply of homes for sale is set

01:02to keep UK house prices flat over 2024.