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Conservative or Labour - under which party have house prices risen the most?

Author: Craig Bees Published: 14th May 2019 10:09

Conservative or Labour - under which party have house prices risen the most?Conservative or Labour - under which party have house prices risen the most?

With media speculation intensifying about the possibility of a UK general election sooner rather than later, new research has found that average house prices have increased more under a Labour Government than a Conservative one since 1951.

The analysis shows that over a period with 14 Prime Ministers, prices under Labour have increased on average by 0.72% month on month, compared to 0.57% under Conservatives.

The figures are largely built on Tony Blair’s 10-year tenure as Labour PM when average UK house prices increased from £58,403 in May 1997 to £181,810 in June 2007 - an average increase of £123,407, equating to a monthly average price rise of 0.94%.

The highest average monthly house price increase under a Labour government came under James Callaghan (April 1976-May 1979) when house prices increased on average of 1.32% a month.

But you have to go back to the mid-70s for the highest average monthly price rise in the last 70 years, which came under a Conservative government, led by PM Sir Edward Heath (June 1970-March 1974). Prices during this period increased on average 1.8% a month.

Labour PM Gordon Brown is the only PM since 1951 whose time in office saw a drop in house prices, when they fell from an average of £181,810 by 6.7% to £168,719 before he was succeeded by Conservative Premier David Cameron. In modern British history, we’ve seen an overall increase in home ownership but since 2003 this has declined, especially home ownership amongst the 35-44 year old sector, who have been priced out of the housing market and forced to rent for longer.

First time buyers are also less likely to be able to buy the property they want first time around, meaning they need to make one or more steps on the ladder to attain their desired property.

Depending on who you speak to, Britain’s housing affordability issues are either down to Labour or Conservative policies. But regardless of who you may blame, the fact remains we are in desperate need of more affordable housing, particularly in our major cities, to meet increasing demand.

Un-affordability is particularly severe in London and the South East of the country and it is looking likely that families in particular are likely to start leaving the capital in the coming years, in search of more affordable areas.

And it’s regions such as the Midlands, North West and Yorkshire that are likely to be the beneficiaries from such an influx where families are attracted by the combination of thriving local economies, strong job prospects and affordable family housing.

Although house prices are now on the rise in these areas, they aren’t soaring at the rate we have witnessed in the south in recent times and there is still plenty of fairly priced stock.

Monthly draw: make May your month to win a case of Italian wines (red/whites/mixed) or get one month’s membership to Whittlebury Hall Leisure Club.

How To Enter: every valuation and instruction for sale or rental between now and Monday May 27 2019 will be entered into the draw, the winners being notified by e-mail.

If you’re thinking of selling or letting your property and want to win one of these great prizes on offer call (01327) 359164 and speak to our sales or lettings team.

Until next time.

Craig Bees, MD Bartram & Co

E-mail me at craigbees@bartramandco.co.uk

Visit our website www.bartramandco.co.uk and follow us on Twitter@bartramandcotow

Tel: (01327) 359164

Fax: (01327) 359166

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