What will happen to house prices now after Labour has won the general election?

Sir Keir Starmer is now set to move into No.10 Downing Street after his Labour party won a huge majority of votes in the general election. Following a landslide victory, Keir is now Labour’s first prime minister since Gordon Brown in 2010, ending the Conservative Party's 14 year streak.

Rishi Sunak has now stepped down after conceding defeat with a historically low number of votes and several senior party figures including Liz Truss, Jacob Rees Mogg and Penny Mourdaunt losing their seats.

Following the election result, property experts have now weighed in on what the housing market will look like going forward under the Labour party, with some experts suggesting their win could deliver a confidence boost to homeowners.

READ MORE: Every promise Labour has made to homeowners and renters in the general election

According to Halifax's latest index, the average UK house price remained relatively stable in June, but property prices are now expected to see a modest increase throughout this year and into 2025.

The annual rate of house price growth was at 1.6 percent, and on an annual basis, house prices have seen an increase for seven consecutive months. Halifax says that the UK house price in June was £288,455, slightly down from £288,931 in May.

Amanda Bryden, head of mortgages, Halifax, said: “UK house prices stayed relatively flat for the third successive month in June, with the slight fall equivalent to less than £500 in cash terms.

“This continued stability in house prices – rising by just 0.4% so far this year – reflects a market that remains subdued, though overall activity has been recovering. For now it’s the shortage of available properties, rather than demand from buyers, that continues to underpin higher