General elections typically impact the UK housing market in a significant way. Sellers usually hold off on the selling decision and wait until more subdued times to put their property on the market. Buyers also pause. Property tends to sit on the market longer than normal as buyers wait until after an event as large as a general election to run its course. The market is now seeing a different trend as many are participating in the buying and selling process.

House prices responded to this trend in May as London house prices now sit at a higher point than ever before. Average house prices in the capital city increased more than 2% during the month of May. According to the property website Rightmove, the average price for London property now sits at £649,864.

Prices in London are currently growing at a slower pace than normal. Last month house price growth slowed 1.5% which is the slowest rate in almost eight years.

Remortgage activity remains high. House owners continue to find attractive deals from lenders able to offer low interest rates and competitive administrative fees. Some home owners are saving hundreds each month off the cost of the monthly mortgage payment. This is removing the burden and stress of a tight household budget.

Remortgage deals are expected to continue and experts believe the summer season will be quite active as home owners fight inflation and stagnant wage growth.

Miles Shipside of Rightmove commented on the latest housing data, saying: “Time will tell how close these sellers get to their asking prices, but the uncertainty associated with an election has not deterred them from trying in increasing numbers and at an increased average price.”

Shipside added: “New sellers in the capital seem to be showing less hesitancy to come to market than many other homeowners elsewhere in the country.”