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House prices rose by an average of 4.6% in the 12 months following the UK general election, research by Compare My Move has found.
On average, house prices rise 1.1% more under a Labour government than under a Conservative government.
One of the biggest factors in elections for house prices is whether the winning party wins a majority: if they win a majority, house prices are on average 6.9% higher than if the election ends in a hung parliament.
Dave Sayce, managing director and founder of Compare My Move, said: “Stability is essential for the property market’s bottom line and a hung parliament will impact that stability to some extent.”
“However, this does not necessarily mean that house prices will fall as they did after the 2010 election, they are just likely to rise more slowly than if we had a majority, as we saw in 2017.”
Although the 2015 general election saw the highest ever increase in house prices in the 12 months following the election, and house prices rose by 8% after David Cameron won a Conservative majority, on average house price growth is higher under Labour majorities than under Conservative majorities: 7.1% versus 6%.
Mr Sayce added: “If you are thinking of selling your home, you could see an average 6.9% increase in the price of your home as opinion polls are not predicting a divided Congress.”
“But looking at past elections doesn’t tell us anything about how house prices will change. As we’ve seen, house prices can go up and they can go down.”
The UK general election will take place on 4th July.