How might the housing market be affected by the general election?
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00:00Zoopla, the UK's leading property website, has revealed that the UK is currently experiencing
00:06the highest supply of homes for sale in eight years.
00:09This news comes as it's predicted that the general election, which is due to take place
00:14on July 4th, could increase uncertainty on the housing market and potentially stall market
00:19activity.
00:20But it's important to note that there is ÂŁ230bn worth of housing on the market at the minute,
00:25which is a quarter higher than a year ago.
00:27The rise in the value of homes for sale is thought to be attributed to the increased
00:31supply of three- and four-bedroom family homes, following a shortage during the pandemic.
00:37Zoopla has said that the general election announcement is likely to stall the pace at
00:41which new sales are agreed in the coming weeks.
00:44The property website went on to say that overall, we don't see the election having as big an
00:50impact as in previous years, particularly as there is not a huge divide in policy between
00:55the two main parties.
00:57More research on this subject showed that the higher supply of homes for sale is set
01:02to keep UK house prices flat over 2024.