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General Election Spotlight 2024


Revisit this page for all the latest property insights and analysis during the political race.

MONDAY 10TH JUNE

Proposed Mortgage Guarantee Scheme and Stamp Duty Freeze

Following Labour’s proposal for a mortgage guarantee scheme and the Chancellor’s comments about freezing Stamp Duty, Rightmove’s property and mortgage experts, Tim Bannister and Matt Smith, provide reaction to the national press:

 

Tim Bannister, Rightmove’s property expert said: “We welcome policies and innovations which are trying to help more first-time buyers onto the ladder. However, we know from our own research that policies like the mortgage guarantee scheme have limitations and are only able to help a very small pool of future first time buyers that fit specific requirements. One of the biggest barriers for first time buyers is being able to borrow enough from a lender, which a mortgage guarantee scheme doesn’t address.”

  

Matt Smith, Rightmove’s mortgage expert said: “We think there’s a greater opportunity for the next government to review the mortgage affordability criteria in a responsible way. Longer-term solutions need to be prioritised over short-term fixes to help more first-time buyers to get onto the ladder, especially those who are trying to buy on their own. Whilst continuation of this kind of support, and making it attractive to lenders to offer it is helpful, it should be the first step amongst many in helping first-time buyers.”

 

 


 

Mortgage Guarantee Scheme Data

The percentage of homes available for first-time buyers in different regions of Great Britain:

 

Stamp Duty Data

The percentage of homes on the market by the current stamp duty bands:

 

 

£6,256

The average stamp duty that a home-mover (not first-time buyer) currently pay¹

28%

The percentage of homes on the market that are currently SDLT exempt²

62%

The percentage of homes on the market that are currently SDLT exempt for first-time buyers³

 

1. Not first-time buyer, based on average asking price of £375,131   2. Any property priced £250,000 or below, excluding second homes   3. Any property priced £425,000 or below, excluding second homes

 

WEDNESDAY 5TH JUNE

Reaction to first live TV debate

 

In response to the extremely limited housing policy discussion in last night’s TV debate, Rightmove’s property expert Tim Bannister said: “At a time when house prices and rents are at record highs, it’s really disappointing to see that housing barely got a look in during last night’s debate. People need to hear much more about what long term solutions there could be to help more people to move, especially renters who weren’t mentioned at all.

We hope to see housing get much more attention over the coming weeks. There are many complex issues affecting different groups of people that need to be discussed.”

 

Housing Market Insights

The undersupply of housing in the UK has contributed to ever-increasing house prices and rents, with national average asking prices of homes now 22% higher than five years ago, at £375,131, and national advertised rents up by 40%, at £1,479 per calendar month.
Over the past five years the gap between supply and demand has widened. Since April 2019, buyer demand has risen by 15%, while supply has decreased by 6%. In the rental market, demand has increased by 32%, with supply reducing by 38%.

TUESDAY 4TH JUNE

Campaigning for change

 

Ahead of the first live TV debate between Rishi Sunak and Sir Kier Starmer, we’re calling for a greater focus on the housing market for the benefit of our partner agents and home-movers.

The campaign will be amplified through the national press and social media.

Rightmove’s director of agent partnerships, Christian Balshen, said: “We want to make sure that housing is at the forefront in the lead up to the election. Whilst we know that most people are carrying on with their home-moving plans, there will be another group of people thinking of moving later this year and beyond who want to hear more.

We’re trying to get it higher up the agenda to help agents and home-movers, and we’ll continue to push for long-term solutions rather than short-term schemes.”

 

FRIDAY 31ST MAY

Pre-Election Report

Our latest report proposes some key priorities for the next government:

  • Accelerate house-building for sale and rent
  • Stamp duty reform to help mobility in the market
  • Longer term support for first-time buyers
  • Greater green incentives for home-owners and landlords
  • Speed up the home-buying process

Read the report

 

TUESDAY 28TH MAY

Majority of Home-Movers Undeterred by Election 

 

95%

of home-movers say the upcoming general election
will not affect their moving plans*

*Rightmove’s latest Spring Survey

 

 

Rightmove data from previous elections also shows us that the market typically remains steady during an election period:

In 2015, demand from buyers was consistent leading up to the election, and experienced a post-election boost in June when the annual change moved from a 9% increase to an 18% increase.
Similarly in 2019, demand remained stable across October and November, and saw an annual increase of 13% in the December election month, followed by an annual increase of 14% in January 2020.

 

 

 

Read more

Please feel free to use these insights for your own marketing and sales purposes.

 

REWATCH TODAY

June News Hour: General Election 2024

In June’s News Hour, we discussed how the latest developments during the political race could affect the property industry and answered your questions in the live Q&A. 

 

Rewatch here

 

 


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A message from Christian Balshen, Director of Agent Partnerships

 

It’s inarguable that housing should be at the forefront of the government’s agenda given its far-reaching impact on the UK population. So we can support you and push for meaningful change in the property industry, we want to hear the opinions of those who are the most integral to it.

Tell us what your top priorities are for the next government above and and revisit this page for the latest updates.