The General Election is "unlikely" to impact the positive property market revival of recent months, eXp UK has stated.

The Prime Minster, Rishi Sunak, announced that a General Election will take place on 4 July this year.

Having weathered the storm of higher mortgage rates, eXp UK said that the market has shown strong signs of promise in 2024, with a hold on interest rates providing a greater degree of stability, causing mortgage approvals to rise for six consecutive months and house prices also following suit.

The platform for personal estate agents said that house prices have climbed by an average 5.4% in the year following the past 10 General Elections, suggesting that the positive property market of recent months is unlikely to be affected post-election.

Since 1983, only two elections (1992 and 2010) have seen drops in house prices in the 12 months following the vote, as a result of the recession in the early 1990s and the financial crisis in 2008.

Head of eXp UK, Adam Day, said: "Political uncertainty can be poisonous for the property market and we saw how years of back and forth over Brexit slowly put the market into a state of deepfreeze.

"However, a General Election is unlikely to have the same impact and is often viewed by many as a time of opportunity and change, with historic figures showing that the housing market marches on regardless in the year that follows.

"While we may see some buyers choose to sit tight in hopes of further housing market incentives, the upcoming election is unlikely to dent the positive momentum that has been building in recent weeks."

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