What does the General Election mean for the York housing market?
The market in York has seen increased optimism this year following last years rising interest rates. Recent news has shown that the UK economy has come out of recession with some of the fastest growth seen within the G7 countries together with inflation falling close to its 2% target which should impact on interest rates later in the year, allowing The Bank Of England to start reducing them .
Rishi Sunak has called a General Election for the 4th July which will undoubtedly cause some instability in the housing market as markets do not like the uncertainty this brings.
As in previous elections some buyers will pause their plans until the outcome is better known, however this does give others an opportunity to ‘steal a march’ at this slightly slower point. However, with lower interest rates on the way and more certainty following a General Election the outlook remains positive, especially in places such as York which has recently been voted the most popular city in the UK by a YouGov Poll.
If you are considering selling, renting or purchasing a property in and around the City of York, do give us a call so we can help to guide you through the process.
23.5.24