Homeowners in Labour and Lib Dem held seats have been increasingly likely to put their homes on the market, pointing to the newfound certainty from the election, Hamptons research has revealed.
The number of homes coming onto the market in Lib Dem-held seats rose by 17% and Labour-held seats by 12%.
They are being rewarded, as the share of sellers accepting big discounts from their asking price has fallen to the lowest level since mortgage rates spiked at the end of 2022. Just 2.2% of sellers in England & Wales accepted an offer which was more than 10% below their final asking price in July, down from a peak of 5.1% in December 2022.
The number of new instructions across Great Britain increased by 13% compared to the same period in 2023.
Aneisha Beveridge, head of research at Hamptons, said: “While the election wasn’t a dealbreaker for many movers, more clarity about the political and economic future has encouraged more sellers to come to market.
“On the back of a post-election feel-good factor, those living in seats that leaned left have been increasingly likely to put their homes on the market.
“The new government’s honeymoon period has encouraged a slight pickup in activity across the housing market as a whole, but not a significant bounce.
“Most of the uplift has been in the North of England, while buyers and sellers in the South remain more tentative.
“Rather, last week’s rate cut will likely prove a sweetener, encouraging more movers, but we don’t expect a significant uplift in prices.”
A quarter (24%) of homes that came onto the market in the first half of July went under offer within two weeks.
This is up from 15% during the same period in 2023 and up from 19% in the period leading up to the election this year, from January to June 2024.
While less political uncertainty has helped more people commit to purchases, falling mortgage rates over the month have been another major driver.
