House prices have risen by an average of 4.6% in the 12 months after UK General Elections, research by Compare My Move has revealed.
On average, house prices rise by 1.1% more under a Labour government than a Conservative government.
One of the biggest factors of an election regarding house prices is whether or not the winning party has won by a majority. When that happens house prices rise on average 6.9% more than if the election ends on a hung parliament.
Dave Sayce, managing director and founder of Compare My Move, 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.”
On average a Labour majority has seen a higher rise in house prices than a Conservative majority at 7.1% to 6%, despite the 2015 General Election seeing the highest house price rise 12 months after an election, with house prices rising 8% after David Cameron won the Conservatives the majority.
Sayce added: “If you are thinking of selling your house then you could make an average of 6.9% more on your house price as the opinion polls are not predicting a hung parliment.
“However, there is no knowing how house prices will change, even when looking at previous elections, and as we have seen, house prices could go down as well as up.”
The UK General Election takes place on July 4th.