Election 2024: How Oxfordshire’s property market might respond to polling day

The polls have closed, a new government has been formed and Oxfordshire’s political scene has been set with Labour holding two of the county’s seats and Liberal Democrats with five.

How a general election impacts the property market nationally of course fluctuates term to term. But typically, we see transactions dip before polling day with prices and interest climbing afterwards.

So, what to make of this year’s general election - and how might Oxfordshire’s property market look in the short and long-term? Our experts have their say in our post-election blog below.

Opportunity in abundance

Much like the national outcome of this year’s vote, a general election happening in 2024 was all but a foregone conclusion.

The question on people’s minds was when specifically would it happen.

This no doubt contributed to pockets of reluctance in the market locally among both buyers and sellers. But that’s not to say notable transactions were absent from the first half of this year with plenty of buyers grabbing opportunities with both hands which contributed to a strong market.

Now the general election’s outcome has been finalised, a market bounce should be expected as pent-up demand is released and those who have resisted entering the market press on.

The advice we pass on to clients remains a constant. Opportunity will always be present and the chance to secure a home which works for you at the right price is one to take.

Active summer market

History tells us house prices increase on average by 5.4 per cent in the year that follows a general election – that’s a trend which has applied since the 1980s.

How this year’s election outcome impacts property prices nationally and locally remains to be seen.

Another trend entirely unrelated to political change is that July and August typically represent the quietest two-month period of the year. People are on holiday, and parents are generally reluctant to search for homes between academic years.

Referring back to our previous point about pent-up demand and its release, this summer could be the most active market we’ve seen for some time. Of course this has the potential to drive prices upwards, meaning starting your property search now is on balance a sensible move to make if you’re considering relocating.

The ‘Oxfordshire’ factor

One aspect any general election cannot change is Oxfordshire’s landscape – and what makes our county truly unique.

There’ll forever be access to some of the country’s top private schools, 50 of them in fact.

Our world-famous university sits at the heart of our region, which mixes true rural living spanning the Cotswolds, Chiltern Hills and North Wessex Downs with towns and city life.

Fourteen of Oxfordshire’s train stations serve central London within an hour every day. We’re positioned along the M40 and M4 corridors with easy access to the north, east, south and west.

Fundamentally, national and world events will always have the potential to prompt volatility in the property market. But demand for living space in Oxfordshire will always be present due to its location, high standards of education and professional opportunities.

Here to help

Using a buying agent built on good local knowledge and contacts takes the stress out of moving home.

If you’re considering a move to Oxfordshire, you can drop our team a message today via:

Email – info@oxfordpropertyconsulting.co.uk

Phone – 01865 553956