With under a week to go before the 2019 election matters are certainly heating up. Manifesto’s have been released, campaign boards are raised “Vote Labour”, “Vote Conservative”, “Vote Liberal Democrats” and I’m seeing across all social media channels, individuals are increasingly territorial over their chosen party. With any election, creates a certain level of uncertainty in the economy and this uncertainty effectively could have a knock-on effect with the property market.
This got me thinking, what happened to property prices in York in and around the previous elections over the last twenty years?
Since 1997, Labour were in power up until 2010 where a Coalition government was formed between Conservative and Liberal Democrats. Leading up to 2015, where a new Conservative government was formed leading us up to where we are today with the odd change in party leader.
As at January 1997, the average price of a property in York stood at £59,323 whereas this now stands at £254,703.
The four bar charts below indicate what has happened to property prices in York in and amidst the General Elections.
Average Sales Price in York – 1997
Despite the UK Parliamentary election of May 1997, property prices in York rose by 6.53%
Average Sales Price in York – 2001
Property prices in York rose by a staggering 14.23% despite the June 2001 UK elections.
Average Sales Price in York – 2010
York property saw a capital appreciation of 4.22% over this 12-month period even with the May 2010 election where the coalition government was formed.
Average Sales Price in York – 2015
May 2015 saw property prices in York rise by a further 6.80% over a twelve-month period even in the brink of the May 2015 general election.
What the above charts indicate to me is that irrespective of the uncertainty that comes with very election, this has previously done little to affect the consistent rise of York property prices.
I’ve mentioned on several occasions how politics and property don’t mix with the increasing level of government intervention. However, I will add that this has not impacted property prices and I would normally anticipate the same result from the upcoming election. However, this election is different as we are all aware of the knock-on-effect the majority vote will have on Brexit negotiations.
In any event, if you have concerns about putting your property on the market and would rather wait it out or if even if you’d like to discuss the political impact on York property prices, please drop by the office, I’d love to have a chat.