Rightmove comment on Labour election win

PUBLISHED: 10th Jul 2024

Commenting on the election results, Tim Bannister, Rightmove’s property expert said:

https://www.rightmove.co.uk/press-centre/rightmove-comment-on-labour-election-win/

“The certainty of having the next government in place will be good for the market, and we wait to see the housing policies that are prioritised. We can see in our data that in previous election years, there has been a slight bounce in home-mover activity after an election takes place – so the same could happen again this year in the short term, particularly against a background of a potential Bank Rate cut on the horizon, and lowering mortgage rates.

“it is crucial that the government considers the impact of any new policies on the wider market, as a policy designed with one group in mind often has knock-on implications for another group of home-movers. Earlier this week Rightmove quizzed Sir Kier Starmer about what he would do to help housing, and it is encouraging to see that Labour’s manifesto is focused on building more homes and planning reform. Creating more homes for sale and rent quickly, whilst maintaining quality is a pressing issue, to ensure there are more homes to meet demand.

  • Giving support to first time buyers

    “we think there is an opportunity in giving support to first-time buyers. Whilst a permanent mortgage guarantee scheme provides the certainty that this option will be available, from our research we can see that only a small number of first-time buyers are likely to benefit from it.

    Making the existing stamp duty thresholds permanent for first-time buyers would be a start, and then there is an opportunity to look at innovative solutions to help first-time buyers with both their deposit, and being able to borrow enough from a lender in the longer term”

    David Phillip commented “it is essential housing plays a key priority moving forward, we have witnessed many decades of housing demand drastically outstrip supply – we wait to see what the new Labour Government proposals are, but in the meantime we are seeing a post-election boost in the number of market appraisals we are undertaking”

    • Selling your home in Leeds

    If you are considering selling your home and would like a free market appraisal https://davidphillip.co.uk/valuations/ call David Phillip FRICS on 0113 4676400 or if you are looking for a property in North Leeds and would like your details property search adding to our database call us too.

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