Nearly 3,000 home sellers entered the housing market in the week following the General Election, research from Home Sale Pack has revealed.
Home Sale Pack analysed property market data to see how many sellers entered the market in the week preceding the General Election, and how many entered immediately following it.
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 number of sellers entering the market totalled 48,486.
This marked an increase of 6%, equivalent to 2,762, while the combined value of homes hitting the market after election came to almost £13.8bn.
In the week preceding the election, 2,733 sellers entered the market in the Yorkshire & Humber region; in the week following, 3,011 new sellers listed their homes, marking the nation’s largest post-election surge of 10.2%.
In the South East, a total of 8,339 post-election sellers marked 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 saw an increase in new sellers; Wales reported the smallest increase of 0.2%, but even this accounted for 2,315 new homes hitting the market in a single week.
Ruth Beeton, co-founder of Home Sale Pack, said: “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.”
