Research from Compare my Move said that house prices tend to rise in the 12 months immediately after a general election, by an average of 4.6 per cent.
The house comparison website said its research showed that one of the biggest factors of an election regarding house prices since 2005 was if there was a hung parliament or a party had a winning majority.
When a party wins by a majority house prices rise on average 6.9 per cent more than if the election ends on a hung parliament, the company’s research showed.
Dave Sayce, managing director and founder at the firm, said: “Stability is crucial to a beneficial property market, and a hung parliament will affect the stability to an extent.
“However, this doesn’t necessarily mean that house prices will fall as they did after the 2010 General Election, they could just rise more gradually than if we had a majority, as we saw in 2017.”
Director of My Home Move Conveyancing, Alistair Singer, agreed that election activity was unlikely to have an impact on the slowly growing momentum in the housing market.
He said: “Indeed, depending on the outcome, we often get a post-election bounce so we expect the market to strengthen further as the year progresses.”
